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Markets

Hong Kong stocks end flat, post best week in over 3 months

  • Latest data also showed earnings at China's industrial firms grew at a slower pace in April, calming concerns over policy tightening that weigh on risk appetite and valuations.
Published May 28, 2021

Hong Kong stocks ended flat on Friday, as gains in resources firms were offset by losses in tech and healthcare companies, but posted their best week in more than three months as inflation fears fade.

** The Hang Seng index was unchanged at 29,124.41, while the China Enterprises Index lost 0.5% to 10,793.55 points.

** The Hang Seng tech index and the Hang Seng healthcare index declined 2.1% and 3.1%, respectively.

** The top gainer on the Hang Seng was CK Asset Holdings Ltd , which gained 6.02%, while the biggest loser was Haidilao International Holding Ltd, which fell 6.89%.

** Resources firms climbed, with the Hang Seng materials index up 1.9%, after reports of US President Joe Biden's $6 trillion budget boosted sentiment.

** For the week, HSI gained 2.3%, its best since Feb 12, while HSCE firmed 0.9%.

** Analysts and traders attributed the week's rally to easing worries over inflation as Beijing vowed to curb significant prices gains in the commodities market.

** Latest data also showed earnings at China's industrial firms grew at a slower pace in April, calming concerns over policy tightening that weigh on risk appetite and valuations.

** Around the region, MSCI's Asia ex-Japan stock index was firmer by 0.44%, while Japan's Nikkei index closed up 2.1%.

** The yuan was quoted at 6.366 per US dollar at 08:13 GMT, 0.28% firmer than the previous close of 6.384.

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