Hong Kong's Hang Seng rises most in three months on tech boost

  • 1/12/2022
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Hang Seng index ends up 2.79%; biggest daily jump since Oct China Enterprises index HSCE rises 2.91% HSI financial sector sub-index is 1.2% higher; property sector down 0.3% Jan 12 (Reuters) - Hong Kong"s main Hang Seng index logged its biggest daily percentage gain in three months on Wednesday as a less hawkish-than-expected testimony from U.S. Federal Reserve Chairman Jerome Powell lifted tech shares across the region. ** At the close of trade, the Hang Seng index (.HSI) was up 663.11 points or 2.79% at 24,402.17, its biggest daily percentage rise since Oct. 7. ** Tech firms led gains, with an index tracking the sector (.HSTECH) also rising by its most in three months to finish up 5.64%. ** Tech firms are leading a global rebound in equities after U.S. Federal Reserve Chairman Jerome Powell gave less hawkish than expected comments in a testimony to Congress. read more ** Hong Kong"s tech index is up 4% so far this year after tumbling by nearly a third in 2021 on investor concerns over tightening regulatory controls. ** Investors were also encouraged by slower-than-expected producer prices growth in China in December, which is expected offer more room for loosening monetary policy. read more ** The Hang Seng China Enterprises index (.HSCE) rose 2.91% to 8,612.85, its biggest daily percentage gain since Dec. 7. ** The mainland properties index (.HSMPI) was a notable underperformer on Wednesday, falling 1.38% amid continued concerns over the ability of developers to service their debts. ** Property firms controlled by developers Shimao Group Holdings, Kaisa Group Holdings and Greenland Group were named on a list of Chinese companies "consistently overdue" on commercial paper payments. read more ** The top gainer on the Hang Seng was JD.Com Inc (9618.HK), which gained 10.98%, while the biggest loser was developer Country Garden Holdings Co Ltd (2007.HK), which fell 2.71%. ** China"s main Shanghai Composite index (.SSEC) closed up 0.84% at 3,597.43 points, while the blue-chip CSI300 index (.CSI300) ended up 1%. ** Around the region, MSCI"s Asia ex-Japan stock index (.MIAPJ0000PUS) was 1.53% firmer, while Japan"s Nikkei index (.N225) closed up 1.92%.

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