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Hong Kong Hang Seng Edges Up 0.1%, Shanghai Gains 1.0%

· 02/08/2021 00:30

05:22 AM EST, 02/08/2021 (MT Newswires) -- The Hong Kong Hang Seng Index opened with strong gains on Monday on Wall Street cues but lost traction during the day, to finish up a scant 0.1% as traders weighed the pending suspension of the Hong Kong-Shanghai Stock Connect. Beginning on Tuesday and extending through Feb. 17, trading links between Hong Kong and Shanghai will be closed for the Lunar New Year holiday, meaning mainland investors will not be sending money to acquire Hong Kong-listed stocks for the duration.

The broad gauge Hang Seng rose 30.79 to 29,319.47, although losing issues outnumbered gainers 25 to 23.

Leading the upside on a choppy day were power-tools maker Techtronic (669:HK), up 3.6%, followed by knitwear-maker Shenzhou International (2313:HK), up 3.0%, and then Macau gaming-house Galaxy Entertainment (27:HK), up 2.9%.

On the downside were China Mengniu Dairy (2319:HK), off 1.6%, and then Wuxi Biologics (2269:HK), off 1.5%.

On the mainland, the Shanghai composite rose 1.0% to 3,532.45.

In economic news, despite the COVID-19 pandemic, mainland China's China's outward direct investment rose in 2020 by 3.3% over 2019 to $132.9 billion, according to accounting giant E&Y, reported the Global Times, a state newspaper.