Hong Kong Stock Market Rises 1.3% Following COVID-19 Vaccine Advances

Beijing, Aug 21 . .- The main index of the Hong Kong Stock Exchange, the Hang Seng, rose 1.3% today, in line with the generalized advance in the main Asian markets, given the good expectations about development of the vaccine for COVID-19.

The selective advanced 322.45 points to 25,113.84 integers, while the index that measures the behavior of mainland Chinese companies listed on the Hong Kong stock market, the Hang Seng China Enterprises, climbed 0.56%.

The good session in Hong Kong was evident in the rise of all the market sub-indices. Finance advanced 1.15%, Services 0.83%, Real Estate 1.57%, and Commerce and Industry 1.47%.

The Hong Kong stock already opened with gains, driven by the good closing on Wall Street due to the good results of the technology companies, which boosted its local counterparts.

Added to this was the publication, the day before, of Alibaba’s results, which increased its profits by 124% in its first fiscal quarter (April-June), thanks to sales in China and business in the cloud. Although it climbed more than 1%, the conglomerate lost steam and ended the session in negative territory.

Among the benchmark firms in Hong Kong, the technology firm Tencent brought together the highest volume of operations of the day and its shares rose 1.97%.

It was followed in transactions by e-commerce conglomerate Alibaba, which fell 0.86%; and the online shopping portal Meituan-Dianping, which increased 4.52%.

The also technological Xiaomi fell 0.11% and the Chinese public company SMIC semiconductor foundry 3.53%.

Shares of insurer Ping An rose 0.42% and China Construction Bank (BBC) 0.7%, while bank HSBC ended the session flat.

Among the state securities, the oil company Cnooc rose 0.11%; Petrochina 0.37%; and Sinopec, the largest Chinese refinery, 0.86%.

The trading volume was 118.120 million Hong Kong dollars (12.9 billion euros / 15.240 million dollars).

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