Monday, January 24, 2022

Hong Kong stocks will close with the fall of technology giants; gambling stocks jump

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January 14 () – Hong Kong stocks fell on Friday, ending in losses for tech giants, while gambling stocks rose as investors bought lower-rated bets on the sector.

The Hang Seng Index fell 0.2% to 24,383.32, while the Chinese Enterprise Index fell 0.6% to 8,554.79.

** During the week, the Hang Seng Index rose to a 14-month high of 3.8%, while the Chinese Enterprise Index rose 3.9%.

** The Hang Seng Tech Index fell 0.5% after tracking Wall Street losses following harsh words from Federal Reserve officials. Alibaba Group and Meituan fell 2.2 percent and 2.5 percent, respectively

** Sands China Ltd. rose 7.1 percent to become the highest-earning company in the Hang Seng index, and the Hong Kong-listed gaming stock tracking sub-index rose 3.9 percent.

** “After experiencing a number of negative developments in 2021, Macau Gaming is now one of the most attractive sectors for long-term investors in terms of risk-reward and valuation,” Daiwa said in a note.

** China Evergrande Group added 0.6% as it received significant approval from onshore bondholders to delay payments on one of its bonds.

** However, the Hang Seng Mainland Properties Index fell 0.5% as developers with more cash struggled to avoid defaults or raise money.

** China Cinda Asset Management fell nearly 10 percent after plans to scrap a deal to buy a 20 percent stake in Ant Group’s consumer finance division worth 6 billion yuan ($ 943.83 million). (Message from Shanghai Information Center; edited by Subhranshu Sahu)

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