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Hong Kong Hang Seng Gains 0.9% as Finance, Tech Issues Advance

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Last updated: 10/16/2020 06:49:22

06:49 AM EDT, 10/16/2020 (MT Newswires) -- The Hong Kong Hang Seng Index opened higher Friday and finished up by 0.9% as traders moved into finance and tech issues while setting aside renewed China-US tensions and a European surge COVID-19 infections.

The broad gauge Hang Seng rose 228.25 to 24,386.79, as the number of gaining issues matched the numbers of losers at 23 each.

Bank stocks led gainers, paced by China Construction Bank (939:HK), up 5.7%, followed by Industrial and Commercial Bank (1398:HK), up 4.3%, and the Bank of Communications (3328:HK), up 3.9%. Also, smartphone maker Xiaomi (1810:HK) rose 3.1%.

On the downside were CSPC Pharmaceuticals (1093:HK), off 5.1%, and China Mengniu Dairy (2319:HK), off 2.4%.

On the mainland, the Shanghai Composite rose 0.1% to 3,336.36.

In economic news, China's economy likely expanded by 5.2% in Q3 from a year earlier, reported Reuters, citing its own poll of economists.

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