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Hong Kong Hang Seng Gains 0.4%, Tech Issues Advance

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Last updated: 11/20/2020 05:39:50

05:39 AM EST, 11/20/2020 (MT Newswires) -- The Hong Kong Hang Seng Index closed up 0.4% Friday, as tech issues more than compensated for declines in the property sector. The Hang Seng Tech 30 Index rose 1.2% while the Hang Seng REIT Index fell by 0.3%, as investors weighed the COVID-19 pandemic and rising daily infection tallies in Hong Kong and Japan.

The broad gauge Hang Seng rose 94.57 to 26,451.54, closing out its third straight week of gains, although losing issues outnumbered gainers 36 to 13.

Leading the upside was Wuxi Biologics (2963:HK), up 5.6%, followed by toolmaker Techtronic (669:HK), up 3.4%, and e-commerce colossus Alibaba (BABA; 9988:HK), up 3.2%.

On the downside, developer China Overseas Land (688:HK) fell 3.8%, and Wharf Real Estate (1997:HK) lost 3.5%.

The Hang Seng is off 6.2% year-to-date.

On the mainland, the Shanghai Composite rose 0.4% to 3,377.73, as auto issues gained on Beijing's proposals to subsidize car buyers.

In economic news, Beijing reportedly has borrowed money at negative interest rates for the first time. China issued $4.7 billion worth of sovereign bonds this week, which included five-year debt priced with a yield of minus 0.15%.

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