Global Market News

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


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.
Copyright © 2020 MT Newswires. All rights reserved. MT Newswires does not provide investment advice. Unauthorized reproduction is strictly prohibited.

Quotes displayed with 15 minutes delay. Market data provided by Factset. Powered and implemented by FactSet Digital Solutions. Legal Statement. News provided by MT Newswires, a Division of MidnightTrader, Inc. Events Data provided by Wall Street Horizon. ©2020 Wall Street Horizon, Inc.