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Consumer firms, tech giants nudge Hong Kong shares higher

20 Oct 2020 / 16:44 H.

    * Hang Seng index ends up 0.11%

    * China Enterprises index HSCE rises 0.1%

    * Alibaba hits new high after Ant Financial wins HK IPO approval

    Oct 20 (Reuters) - Hong Kong shares ended marginally higher on Tuesday, supported by gains in consumer firms and Chinese tech giants, but investor caution ahead of Nov. 3 U.S. presidential election and concerns over surging global COVID-19 cases capped gains.

    ** At the close of trade, the Hang Seng index was up 27.28 points or 0.11% at 24,569.54. The Hang Seng China Enterprises index rose 0.1% to 9,988.33. ** Lifting the overall index, Hong Kong shares of Chinese e-commerce giant Alibaba Group Holding Ltd touched a record high, and closed up 0.74% for the day after Alibaba-backed Ant Group <IPO-ANTG.HK> won approval for an offshore leg of its IPO. ** The Hang Seng Tech sub-index rose 0.97%, further supported by a 0.53% gain in index heavyweight Tencent Holdings Ltd ** Consumer firms topped gains in H-shares as investors looked to a firming recovery in China. ANTA Sports Products Ltd rose 4.45%, followed by China Mengniu Dairy Co Ltd , gaining 4.41% and Geely Automobile Holdings Ltd , up by 3.1%. ** Economic data released Monday showed that China's economic recovery quickened in the third quarter, supported by growing consumption. ** But ongoing concerns about the ability of U.S. lawmakers to agree on a stimulus package and worries about the possibility of a disputed U.S. election continue to dampen global investor enthusiasm. ** China's main Shanghai Composite index closed up 0.47% at 3,328.10 points, while the blue-chip CSI300 index ended up 0.8%. ** Around the region, MSCI's Asia ex-Japan stock index was firmer by 0.36%, while Japan's Nikkei index closed down 0.44%. ** The yuan was quoted at 6.6833 per U.S. dollar at 0812 GMT, 0.03% weaker than the previous close of 6.6813. (Reporting by Andrew Galbraith; Editing by Rashmi Aich)

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