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Hong Kong Hang Seng Flat Ahead of Fed Meeting, Tech Sector Solid

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Last updated: 04/27/2021 06:18:10

06:18 AM EDT, 04/27/2021 (MT Newswires) -- The Hong Kong Hang Seng Index opened modestly lower, wobbled through trading and finished flat, although investors returned to online shopping and delivery platform Meituan (3690:HK) and the tech sector held solid.

After falling on Monday, Meituan shares rebounded, gaining 2.6% as traders digested likely results of probe of company sales practices by Beijing regulators. The Hang Seng TECH Index rose 0.4% on the day.

The market also awaited results on the US Federal Reserve's policy meeting, slated for a Wednesday release.

The broad gauge Hang Seng slipped 11.29 to 28,941.54, as losing issues outnumbered gainers 32 to 19.

Leading the upside after Meituan were bank HSBC (0005:HK), up 2% after reporting earnings, and then Alibaba Health Information Technology (0241:HK), up 1.9%.

On the downside were Wuxi Biologics (2269:HK), off 6%, and then Budweiser Brewing APAC (1876:HK), off 1.8%.

On the mainland, the Shanghai Composite also finished flat, at 3,442.61.

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