Global Market News

Hong Kong Hang Seng Up 0.3%, Tech Slump Overcome as November Rally Extends.


Last updated: 11/25/2020 05:23:59

05:23 AM EST, 11/25/2020 (MT Newswires) -- The Hong Kong Hang Seng finished up 0.3%, bringing gains for the month to 10.6%, as market denizens continue to look forward to a possible roll-out of COVID-19 vaccines in 2021, and a better outlook for the global economy. Strong oil and bank issues overcame soft tech stocks.

The broad gauge Hang Seng rose 81.55 to 26,669.75, as gaining issues outnumbered losers 39 to 18.

Leading the upside were bank HSBC (5:HK), up 6.5%, followed by state oil-giant CNOOC (883:HK), up 4.2%, and then China Petroleum & Chemical (386:HK), up 3.7%.

On the downside were Techtronic Industries (669:HK), off 4.9%, and then Geely Automobile (175:HK), off 4.4%.

The Hong Kong TECH 30 Index fell back 2.3%, as "stay-at-home" issues waned.

On the mainland the Shanghai Composite fell 1.2% to 3,362.33.

In other news, Hong Kong chief executive Carrie Lam on Wednesday, in her fourth annual policy address, said the city would abolish the doubled ad-valorem stamp duty on commercial properties. among other pro-economy measures.
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