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Markets

Shanghai shares rise as China reports no local COVID-19 cases

  • The Hang Seng index jumped 1.8% to 25,299.71. The Hong Kong China Enterprises Index gained 1.7% to 8,890.08
Published August 23, 2021

China shares bounced back on Monday after last week's sharp drop, as authorities reported no new local COVID-19 cases for the first time since July, while technology and healthcare stocks helped Hong Kong equities rise after a two-day fall.

** The CSI300 index rose 0.9% to 4,810.14 by the end of the morning session, after falling more than 3.5% last week, while the Shanghai Composite Index gained 1% to 3,461.73.

** The Hang Seng index jumped 1.8% to 25,299.71. The Hong Kong China Enterprises Index gained 1.7% to 8,890.08.

** China on Monday reported no new local COVID-19 cases for the first time since July, offering more signs that the current outbreak which began late last month may be tapering off soon.

** The defence sub-index, the coal sub-index and the high-end equipment manufacturing sub-index led the rebound, rising 5.2%, 3% and 2.8%, respectively.

** In Hong Kong, the Hang Seng Tech Index rebounded 3.1% after dropping 2.5% on Friday to a record low as regulatory clampdowns shattered confidence.

** Gaming and social media giant Tencent rose 2.9% and was headed for its biggest daily gain since Aug. 10, after it bought back 240,000 company shares for HK$101.7 mln ($13.1 mln).

** Food-delivery giant Meituan rose 2.6%.

** E-commerce giant Alibaba Group declined 2%.

** 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 5.5%. Healthcare companies Alibaba Health Information Technology and Wuxi Biologics surged 8.3% and 8.1%, respectively. ** Hong Kong Exchanges and Clearing Ltd gained 5.8% on plans to launch A-shares index futures.

** "We view this as a strong testament of the Chinese authorities' commitment to further liberalise the onshore capital markets and support (cross-border) equity flows," Goldman Sachs said in a note.

** "Especially at a time when recent regulation changes have cast doubts among investors on policymakers' strategic priority towards the financial markets."

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