Update | Hong Kong stocks pare gains to close just above 30,000 as Ping An, Tencent retreat
Ping An Insurance and Tencent pull back from record highs, but still see their shares more than double in value this year
Hong Kong’s Hang Seng Index trimmed early gains, but still held onto the 30,000 threshold by Wednesday’s close, as Ping An Insurance and Tencent both pulled back from record highs after a recent surge.
The Hang Seng Index jumped above 30,000 at open, the first time cracking the level since November 2007. It briefly hit a daily high of 30,199.69 in the morning, before paring gains and closing at 30,003.49, up 0.6 per cent, or 185.42 points, from the previous day. It was also the best closing level since November 5, 2007.
Hong Kong market’s daily turnover reached HK$158 billion, slightly higher than Tuesday’s HK$157 billion.
While banking and energy stocks rallied, Ping An Insurance and Tencent Holdings dragged heavily on the Hang Seng Index, contributing to a combined loss of 60 points in the index.
Ping An tumbled 2.4 per cent to close at HK$84.10, after touching an all-time high of HK$87.10 in the morning. It has halted a four-day bull streak.
Tencent also retreated after four straight days of gains, down 0.7 per cent to end at HK$426.80.