Monday, January 24, 2022

Hong Kong stocks have been flat as the technology covers the recovery of the property sector

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JANUARY 4 () – Hong Kong’s stock index was nearly flat on Tuesday as weak stocks of technology stocks outpaced growth in the property sector after China completed its cybersecurity regulations.

** The Hang Seng Index was 23,289.84 points, while the Chinese Enterprise Index fell 0.1 percent to 8,180.16 points.

** China’s cyberspace regulator said on Tuesday that it will introduce new rules requiring platform companies with more than 1 million user data to pass a security check before listing their shares overseas.

** The Hang Seng Tech Index fell 1%, eliminating initial gains.

** * But property shares have risen sharply as uncertainty surrounding the sector’s financial health has exacerbated volatility.

** The Hang Seng Mainland Properties Index rose 3.5% after a 2.8% decline in the previous session.

** Shares of Chin Evergrande Group rose 10% in resumed trading on Tuesday as the manufacturer said a government order to demolish 39 buildings on the resort island of Hainan would not affect the rest of its project.

** Chinese telecommunications stocks, including China Telecom, China Unicom and China Mobile, rose ahead of China Mobile’s Shanghai listing on Wednesday.

** China Mobile sold 845.7 million shares in Shanghai for 57.58 yuan ($ 9.06) each, representing 50 percent of its Hong Kong share price. (Message from Shanghai Information Center)

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