HK stocks end lower as consumer discretionary, tech shares weigh

Hong Kong shares closed lower on Wednesday, as consumer discretionary and technology stocks retreated ahead of the reopening of China markets, outweighing gains from banks and energy sectors. ** The Hang Seng index ended down 139.16 points or 0.49% at 28,417.98. ** The sub-index of the Hang Seng tracking energy shares rose 1.1%, while the IT sector dipped 1.85%.

Reuters | Hong Kong | Updated: 05-05-2021 14:18 IST | Created: 05-05-2021 14:14 IST
HK stocks end lower as consumer discretionary, tech shares weigh
Representative Image Image Credit: ANI

Hong Kong shares closed lower on Wednesday, as consumer discretionary and technology stocks retreated ahead of the reopening of China markets, outweighing gains from banks and energy sectors.

** The Hang Seng index ended down 139.16 points or 0.49% at 28,417.98. The Hang Seng China Enterprises index fell 0.41% to 10,721.87. ** Hong Kong tech index fell 2.13% to its lowest close in three weeks, tracking a 1.9% drop in the Nasdaq on Tuesday.

** Tencent, the most actively traded by turnover, fell 1.9%. Meituan slid 1.6% and Alibaba Group dropped 2.3%. ** The sub-index of the Hang Seng tracking energy shares rose 1.1%, while the IT sector dipped 1.85%. The financial sector gained 0.35% and the property sector climbed 0.23%

** Oil prices rose for a third day on Wednesday after industry data indicated U.S. crude inventories fell much more than expected last week, reinforcing bullish views on fuel demand in the world's largest economy. ** Brokers said investors were willing to hunt for bargain ahead of the reopening of China markets on Thursday.

** Chinese financial and futures markets are closed from May 1 to 5 for the Labour Day holidays. ** The top gainer on the Hang Seng was Hang Seng Bank Ltd , which rose 3.42%, while the biggest loser was Haidilao International Holding Ltd, which fell 6.07%.

** Around the region, MSCI's Asia ex-Japan stock index was weaker by 0.34%. ** The top gainers among H-shares were Bank of Communications Co Ltd up 3.26%, followed by China Merchants Bank Co Ltd, gaining 2.5% and Postal Savings Bank of China Co Ltd, up by 2.35%.

** The three biggest H-shares percentage decliners were Haidilao, Hansoh Pharmaceutical Group Co Ltd, which fell 4.6% and Baidu Inc, down by 3.53%.

(This story has not been edited by Devdiscourse staff and is auto-generated from a syndicated feed.)


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