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Markets

China shares rise on tech sector bounce; Hong Kong gains

  • In Hong Kong, the Hang Seng Tech index rose 2.76% and the IT sector rose 3%
04 Aug, 2021

SHANGHAI: A bounce in tech shares helped to lift China's main stock indexes higher on Wednesday, a day after concerns over tightening oversight of online games wiped nearly $60 billion off the market capitalisation of Chinese tech giant Tencent.

** At the midday break, the Shanghai Composite index was up 0.56% at 3,467.30.

** China's blue-chip CSI300 index was up 0.54%, with the CSI Info Tech index gaining 1.03%.

** Chinese H-shares listed in Hong Kong rose 1.9% to 9,497.86, while the Hang Seng Index was up 1.57% at 26,605.79.

Hong Kong stocks lead Asia sell-off as China tuition reforms bite

** Tencent Holdings Ltd bounced 4.3% higher on Tuesday, even as an opinion article in the ruling Communist Party's official People's Daily newspaper said on Wednesday that China should better protect minors from the dangers of the internet.

** Tencent said on Tuesday it would further curb minors' access to its flagship video game after a state nmedia article that described online games as "spiritual opium" sparked a more than 6% slump in the company's shares.

** In Hong Kong, the Hang Seng Tech index rose 2.76% and the IT sector rose 3%.

** Providing some support for market sentiment, a private survey showed that growth in China's services sector accelerated in July, helped by a recovery in consumption.

** But a surge in domestic COVID-19 cases remains a threat to the growth outlook. China reported 96 new confirmed COVID-19 cases in the mainland for Aug. 3. Most cases were transmitted locally.

** The smaller Shenzhen index was up 0.93%, the start-up board ChiNext Composite index was higher by 1.3% and Shanghai's tech-focused STAR50 index was up 1.86%?.

** Around the region, MSCI's Asia ex-Japan stock index was firmer by 1.08% while Japan's Nikkei index was down 0.27%.

** The yuan was quoted at 6.4605 per US dollar, 0.15% firmer than the previous close of 6.47.

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