Hong Kong stocks rally as tech shares lend support

  • 4/1/2021
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* HK->Shanghai Connect daily quota used 100%, Shanghai->HK daily quota used 3.4% * HSI +2.0%, HSCE +2.2%, CSI300 +1.2% * FTSE China A50 +1.3% April 1 (Reuters) - Hong Kong stocks started the month on a firm note on Thursday, led by tech players tracking overnight gains on Wall Street, as investors cheered the government spending plan in the United States and hoped for strong jobs data. ** At the close of trade, the Hang Seng index was up 1.97% at 28,938.74. The Hang Seng China Enterprises index rose 2.24% to 11,217.41. ** Leading the gains, the Hang Seng tech index and the Hang Seng IT index jumped 4.7% and 6.1% each. ** Gaming giant Tencent ended up 7.2%. ** U.S. President Joe Biden outlined a broad plan to re-make the world’s biggest economy including spending on roads, railways, broadband, clean energy and semiconductor manufacture. ** China’s factory activity in March expanded at the slowest pace in almost a year on softer overall domestic demand, but underlying economic conditions remained positive even as input and output inflationary pressures intensified for manufacturers. ** The findings contrast with those in an official survey, which showed manufacturing activity grew at a stronger pace as large firms ramped up production after a brief lull during the Lunar New Year holidays. ** The sub-index of the Hang Seng tracking energy shares rose 0.3%, the financial sector ended 0.41% higher and the property sector dipped 0.35%. ** China’s main Shanghai Composite index closed up 0.71% at 3,466.33, while the blue-chip CSI300 index ended up 1.24%. ** Around the region, MSCI’s Asia ex-Japan stock index was firmer by 1.25%, while Japan’s Nikkei index closed up 0.72%. ** The yuan was quoted at 6.5711 per U.S. dollar at 0811 GMT, 0.29% weaker than the previous close of 6.5518. ** At close, China’s A-shares were trading at a premium of 32.95% over Hong Kong-listed H-shares. (Reporting by the Shanghai Newsroom; editing by Uttaresh.V)

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