Hong Kong stocks bounce back, led higher by financials, Tencent
Hong Kong’s benchmark Hang Seng Index climbed 379.9 points, or 1.29 per cent, to 29,839.53
Technology and financial shares powered a rebound in Hong Kong stocks on Tuesday, spurred on by a recovery in US markets despite thin trading volume ahead of the upcoming Lunar New Year holiday.
The benchmark Hang Seng Index climbed 379.9 points, or 1.29 per cent, to 29,839.53. The Hang Seng China Enterprises Index, known as the H-share index, added 0.88 per cent to 12,004.51.
Turnover for the main board reached HK$128.8 billion (US$16.47 billion), reflecting another thinly traded session after it dropped on Monday to a one-month low of HK$135.5 billion.
Hong Kong’s stock market will close from midday Thursday and reopen on February 20. Markets in Shenzhen and Shanghai will be shut from the regular close of trading on Wednesday and reopen on
February 22. The Stock Connect will be shut down the end of trading Tuesday and reopen on February 21.
“Hong Kong stocks have rebounded on the back of a recovery in the US market, but the momentum is limited due to the holiday effect,” said analysts from Wing Fung Securities in a research report on Tuesday. “The absence of mainland investors from trading in Hong Kong stocks adds to the pressure.”
The technology and financial sectors posted strong gains.