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Hong Kong Hang Seng Gains 1% Despite Still-Slipping Tech Sector

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Last updated: 02/23/2021 05:06:04

05:06 AM EST, 02/23/2021 (MT Newswires) -- The Hong Kong Hang Seng Index opened lower Tuesday on Wall Street cues but rose in trading, finishing up 1.0% as traders moved out of tech issues but into consumer, bank, property and gaming stocks. The Macau casinos, Galaxy Entertainment (27:HK) and Sands China (1928:HK), pushed the index higher after authorities ended quarantine requirements on mainland tourists, and on reports that gaming revenue was strong during the Lunar New Year.

The broad gauge Hang Seng rose 312.81 to 30,632.64, as gaining issues outnumbered losers 33 to 18.

Leading the upside were Sino Biopharmaceuticals (1177:HK), up 12.0%, followed by Galaxy Entertainment, up 8.9%, and then Sands China, up 7.5%.

On the downside were smartphone-maker Xiaomi (1810:HK), off 3.1%, and then Geely Automobile (175:HK), off 3.0%.

The Hang Seng TECH Index fell back 1.1%, extending Monday's decline.

On the mainland, the Shanghai Composite fell 0.2% to 3,636.36.

In economic news, house prices in China rose in January. Prices of second-hand housing in China's major cities, also called "first tier" cities, appreciated most, rising 9.6% in January year-over-year. The average sales price of newly built housing in first-tier cities rose by 4.2% year-over-year, reported the National Bureau of Statistics.

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