October 23, 2020

Hong Kong Stock Exchange rises 0.99% driven by good signals on China


The main indicator of the Hong Kong Stock Exchange, the Hang Seng, rose 0.99% to the close today, amid signs that the progressive recovery of the Chinese economy after the impact of the coronavirus pandemic.

The Hang Seng rose 248.93 points this Friday, to 25,373.12 points, while the index that measures the behavior of companies in mainland China that are listed on the Hong Kong parquet, the Hang Seng China Enterprises, rose 1.85 %.

All sectors closed in green. The financial sub-index gained 0.65%, that of public services 0.06%, real estate 0.99% and that of commerce and industry 1.59%.

The Hang Seng rise came after China’s service sector activities were reported to have grown at the fastest pace in a decade in June.

The technological group Tencent, the main benchmark in the market, advanced 1.16% today, and the e-commerce giant Alibaba gained 2.99%.

In second place in trading volume, after Tencent, was the semiconductor firm SMIC, which rose 5.22% today in the second important consecutive advance after it was announced that it had received the official green light to start trading on the Shanghai Stock Exchange.

The leading technology company in food delivery services Meituan-Dianping gained 6.86% and, in the same sector, Xiaomi rose 4.85% and ZTE advanced 10.87%.

In the insurance sector, Ping An rose 1.44% and AIA gained 0.33%.

Trading volume today was 163.95 billion Hong Kong dollars (18.823 million euros / 21.154 million dollars).

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