Hong Kong stocks halt seven-day rot as rebound Meituan, CNOOC help narrow market losses

Hang Seng Index gained as trading closed the week on the bright side following a seven-day slide

Meituan led winners on hiring news, while Chinese oil giants rose on forecast for greater demand amid economic recovery optimism

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Investors sit in front of an electronic stock board at a securities brokerage in Shanghai, China. Photo: Bloomberg

Published: 11:04am, 11 Jun 2021Updated: 6:04pm, 11 Jun 2021

Hong Kong stocks gained as traders looked to overnight gains in US equities for inspiration and arrest a seven-day slump. Meituan and oil explorers advanced, helping the market to trim losses during the week.

The Hang Seng Index rose 0.4 per cent to 28,842.13 to end the week on a 0.3 per cent setback. The gauge has lost about 2.5 per cent in its longest losing streak since late 2015. The Shanghai Composite fell 0.6 per cent, and the CSI 300 dropped 0.9 per cent, both recording their second week of pullback.

Meituan advanced 3.1 per cent to HK$307.20, the most since June 1. The operator of China’s largest on-demand delivery and local services platform plans to hire 60,000 employees in 2021, almost doubling its headcount. The stock has the largest weighting in the benchmark at 8 per cent.

Solar panel glass manufacturer Xinyi Solar rose 6.8 per cent to HK$15.06, reaching its highest level since March 3.

Chinese oil giants rose as a report from OPEC on Thursday predicted oil demand to grow by about 5 million barrels a day in the second half of 2021, compared to the first half. PetroChina, Sinopec and CNOOC rose by 1.3 per cent to 3.8 per cent.

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