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Hong Kong shares close higher on bargain hunting in tech shares

05/12/2021 04:46
Hong Kong shares close higher on bargain hunting in tech shares

HSI +0.8%, HSCE +1.2%

U.S. Defense Department and Xiaomi agree to resolve litigation

Real estate shares fall on tax talks

- Hong Kong shares ended higher on Wednesday, with tech shares leading gains on bargain hunting following a sell-off in the previous session, while a settlement between Chinese smartphone maker Xiaomi Corp and the U.S. government also lifted sentiment.

** At the close of trade, the Hang Seng index .HSI was up 217.23 points, or 0.78% at 28,231.04. The Hang Seng China Enterprises index .HSCE rose 1.2% to 10,556.57.

** The sub-index of the Hang Seng tracking the IT sector .HSCIIT rose 3.5% and the energy sector .HSCIE rose 0.7%.

** The financial sector .HSNF ended 0.49% lower, while the property sector dipped 0.75%.

** The top gainer on the Hang Seng was Xiaomi Corp 1810.HK, which gained 6.1%, after the company and the U.S. Defense Department agreed to resolve their litigation. nFWN2MZ0BO

** The top gainers among H-shares were Xiaomi Corp 1810.HK up 6.1%, followed by Alibaba Group Holding Ltd 9988.HK, up 6.07%, and JD.Com Inc 9618.HK, which rose 5.22%.

** The biggest H-shares percentage decliner was Longfor Group Holdings Ltd 0960.HK, down 3.48%, after Beijing held a meeting on Tuesday to discuss property tax to curb speculation in the housing market. nL1N2MY0X5

** China's main Shanghai Composite index .SSEC ended up 0.61% at 3,462.75 points, while the blue-chip CSI300 index .CSI300 ended up 0.43%.

** Around the region, MSCI's Asia ex-Japan stock index .MIAPJ0000PUS was weaker by 0.77%, while Japan's Nikkei index .N225 closed 1.61% lower.

** The yuan CNY=CFXS was quoted at 6.4438 per U.S. dollar at 08:16 GMT, 0.24% weaker than the previous close of 6.4283.

(Reporting by the Shanghai Newsroom;
Editing by Vinay Dwivedi)

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