Hong Kong Hang Seng Up 0.6%, Hurdles Tech Tumble
05:12 AM EST, 02/05/2021 (MT Newswires) -- The Hong Kong Hang Seng Index opened higher Friday after Wall Street zeniths overnight but waffled in trading, finishing up 0.6% on strength in casino stocks as tech issues faded. The Hang Seng TECH Index fell back 1%, led by Semiconductor Manufacturing International, aka SMIC (981:HK), which declined 10.6% after reporting softer earnings.
The broad gauge Hang Seng rose 175.18 to 29,288.68, as gaining issues outnumbered loser 30 to 21.
Leading the upside were Macau gaming-house Galaxy Entertainment (27:HK), up 6.3%, followed by tool-maker Techtronic (669:HK), up 4.2%, and then Sands China (1928:HK), up 4.1%. The casino stocks rose on reports COVID-19 vaccines were being delivered to Macau, the gaming capital of China.
Kuaishou Technology, a China-based short-video social-app operator, closed up 161% in its IPO on the Hong Kong exchange, for a market capitalization of $160 billion.
The Hang Seng is up 7.6% year-to-date.
On the mainland, the Shanghai Composite fell 0.2%.