Hong Kong shares rise as tech and healthcare stocks gain

  • 8/23/2021
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Aug 23 (Reuters) - Hong Kong shares rebounded on Monday from an almost 10-month low hit last week, helped by gains in technology and healthcare stocks. ** The Hang Seng index rose 1.1% to 25,109.59, while the China Enterprises Index gained 0.8% to 8,815.56. ** The Hang Seng Tech Index rebounded 2.1% after dropping 2.5% on Friday to a record low as regulatory clampdowns shattered investor confidence. ** Gaming and social media giant Tencent rose 2%, after it bought back 240,000 company shares for HK$101.7 mln ($13.1 mln). ** Food-delivery giant Meituan rose 1% and e-commerce giant Alibaba Group declined 3.7%. ** Members of the ruling Communist Party in the technology hub city of Hangzhou have been ordered to resolve any potential business-related conflicts of interest involving themselves or relatives, the country’s graft watchdog said. ** Hangzhou is home to some of China’s top software and internet companies, including Alibaba. ** The Hang Seng Healthcare sub-index jumped 4.8%, its biggest daily gain since July 29. Healthcare companies Wuxi Biologics and Alibaba Health Information Technology surged 7.3% and 6.1%, respectively. ** Hong Kong Exchanges and Clearing Ltd gained 5.7% on plans to launch A-shares index futures. ** China Evergrande Group hit lowest in nearly six years while related companies also slumped in Hong Kong as the property developer continued to wrestle with massive debts. ** China Evergrande Group shares plummeted 12.4% to touch their lowest level since September 2015. Evergrande Property Services Group dropped 9.14%, while China Evergrande New Energy Vehicle Group slumped 26.9% to a 14-month low. (Reporting by the Shanghai Newsroom; Editing by Subhranshu Sahu) Our Standards: The Thomson Reuters Trust Principles.

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