Fri, September 30, 2022

The Hang Seng gained 0.78% due to the comeback of technology

The Hang Seng gained 0.78% thanks to the comeback of technology

The Hang Seng, the main benchmark index of the Hong Kong Stock Exchange, rose 0.78% on Wednesday. It was boosted by technology companies, which regained their pulse after the heavy losses in recent days.

Selective Hong Kong finished at 28,231.04 points. Meanwhile, the Hang Seng China Enterprises, the index that measures the behavior of mainland Chinese companies listed on the Hong Kong stock market, grew by 1.2%.

Two of the four sub-indices of the Hong Kong stock, Real Estate, and Finance, closed in the red. At the same time, Services gained 0.17%, and Commerce and Industry increased by 2.2 %.

Tech companies regained ground after poor results in recent days, with gains for the Alibaba group (6.07%), Tencent (2.4%), and Meituan (2.49%).

Xiaomi, the Chinese manufacturer of electronic gadgets, also recovered strength today after revaluing by 6.1% this Wednesday, scoring the best result of the day.

Investors also regained their confidence in energy companies. Sinopec increased by 0.97%, and Petrochina gained 0.32%. Meanwhile, Cnooc lost a slight 0.4%.

On the other hand, it has been a bad day in the financial sector. Insurers such as AIA, China Life, and Ping An ended the day with losses. Besides, the HSBC banks dropped by 0.83 %, ICBC yielded 0.4%, and China Construction Bank lost 0.32%.

Nor did the real estate industry stand out today, with falls of up to 3.48% for the Longfor group and 1.26% for China Overseas.

Among state telecommunications companies, slight setbacks have been made by China Unicom, which lost 0.22%, and China Mobile, with a 0.71% drop.

The business volume of the session was 160,910 million Hong Kong dollars.

 

Southeast Asian stocks closed with a downward trend

Southeast Asia ended this Wednesday with the majority of declines, at a time when several countries in the region are trying to stop the covid-19 outbreak.

The steepest drop was in Manila, while the Vietnamese Ho Chi Minh stock posted the most substantial rise, over one percent.

In Singapore, the city-state stock market dropped by 21.01 points or 0.67%. The Straits Times composite indicator stood at 3,123.26 units.

In Malaysia, the Kuala Lumpur Stock Exchange added 4.88 points or 0.31%, and the selective KLCI closed at 1,582.52 units.

In Indonesia, the Jakarta stock slid by 37.43 integers, 0.63%, and the JCI index finished with 5,983.35 units.

In Thailand, the Bangkok stock market yielded 7.08 points or 0.45%, and the SET index ended at 1,571.85 units.

In the Philippines, the Manila Stock Exchange declined by 90.43 integers, 1.43%, and the PSEi composite index ended at 6,236.40 points.

In Vietnam, the VN Index of the Ho Chi Minh (former Saigon) stock closed at 1,269.09 units after gaining 13.05 integers or 1.04%.

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