Hong Kong stocks log best month since October on China outlook while Tencent, SenseTime tumble as insiders sell
- Gains in the Hang Seng and CSI 300 indexes this month have added almost US$699 billion of market value
- Tencent and SenseTime slipped in Thursday trading amid concerns about selling by corporate insiders
The Hang Seng Index slipped 0.6 per cent to 21,859.79 at the close of trading, while the Tech Index lost 1.4 per cent. The Shanghai Composite Index strengthened 1.1 per cent. Financial markets in Hong Kong will be closed on Friday for a holiday.
Other major losers on Thursday included Alibaba Group Holding which retreated 2.3 per cent to HK$111.90 while both Meituan and Lenovo Group lost more than 4 per cent.
The Hang Seng Index still logged a 2.1 per cent advance in June while the CSI 300 Index of mainland stocks advanced 9.3 per cent. Gains in both indexes since May 31 have added almost US$699 billion of market value as confidence in China’s economic outlook rebounded.
“The PMI figures show that China’s economy is on the track of stable growth,” said Stanley Chan, research director at Emperor Capital. “Entering July, the market sentiment will be reinforced by better economic figures especially from China.”
The Chinese artificial intelligence firm raised US$6.4 billion of net proceeds from its IPO in December. A six-month lock-up on stakes purchased by cornerstone investor expired today. Several large block of shares changed hands at HK$3 each today, according to stock exchange data.
Guangdong Yangshan United Precision Manufacturing rose 44 per cent to 27.72 yuan in Shenzhen on its trading debut, while Beijing Winsunny Pharmaceutical jumped 44 per cent to 21.05 yuan in Shanghai.