Hong Kong stocks rose 287 points yesterday, led by tech shares, after the China Securities Regulatory Commission announced measures to further boost connectivity with the SAR as the yuan extended its decline to a five-month low.
The Hang Seng Index rose 1.8 percent to close at 16,511 points. The Shanghai Composite Index fell 0.7 percent to 3,044 points at the close.
Tencent (0700) rose 5.5 percent after the social media and gaming giant nailed down an earlier-than-anticipated debut of one of 2024’s most eagerly-awaited games.
It set a May 21 start for Nexon’s Dungeon & Fighter Mobile – a marquee title set to refresh an aging pipeline, draw in users, and reaffirm Beijing’s easing stance for the world’s largest gaming market.
Food delivery platform Meituan (3690) rose 5.6 percent while Alibaba (9988) jumped 2.6 percent.
Sunac China (1918) closed 2.1 percent up after climbing nearly 10 percent after its Shanghai project sold out on the first day.
Oil stocks retreated as the potential for supply disruptions waned on a cooling of Middle East tensions. PetroChina (0857) and CNOOC (0883) fell 2.7 and 2.5 percent.
The HSI gains came after the CSRC on Friday said it would facilitate SAR listings by leading Chinese companies and expand the Stock Connect cross-border investment scheme.
China left benchmark lending rates unchanged at a monthly fixing yesterday, in line with market expectations. The one-year loan prime rate was kept at 3.45 percent, while the five-year rate was unchanged at 3.95 percent.
Onshore yuan closed at 7.2436 to the US dollar, the lowest since November 17.
The pilot program of the Wealth Management Connect scheme has attracted 73,400 retail investors and brought in 15.28 billion yuan (HK$16.88 billion), said a Guangdong unit of the National Financial Regulatory Administration.
Hong Kong United Times丨香港聯合時報丨HKUT 