Hong Kong shares close higher as bank gains offset tech sell-off
Hong Kong stocks ended higher on Tuesday, with the Hang Seng Index rising 0.3 per cent to 24,345 points, as bank shares offset declines in tech and chip stocks. Casino operators also outperformed, while the tech index fell 0.79 per cent.
Hong Kong stocks reversed early losses and closed higher on Tuesday, as gains in banking shares partly offset a sell-off in technology and semiconductor stocks.
The benchmark Hang Seng Index advanced 74 points, or 0.3 per cent, to 24,345 points, with full-day turnover reaching HK$187.5 billion. The Hang Seng Tech Index fell 0.79 per cent to 4,136 points.
Bank stocks led the advance. BOC Hong Kong (2388) jumped 3.3 per cent, while HSBC (0005) rose 1.76 per cent and China Construction Bank (0939) gained 0.5 per cent.
Casino operators also outperformed the broader market, with Galaxy Entertainment (0027) climbing 3.5 per cent and Sands China (1928) adding 3.4 per cent.
On the downside, Hua Hong Grace Semiconductor (1347) fell the most among blue-chip stocks, dropping 5.3 per cent, while Semiconductor Manufacturing International Corporation (0981) declined 1.16 per cent. Lenovo (9992) and JD.com (9618) also retreated, losing 3.8 per cent and 3.3 per cent, respectively.
On the mainland, the Shanghai Stock Exchange Composite Index edged up 0.1 per cent to 3,800 points, while the Shenzhen Stock Exchange Component Index slipped 0.25 per cent to 12,353 points.