16 July 2019

Tech plays shine in quiet year-end trading

Hong Kong’s stock market remained quiet on Monday, the last clearing day for 2013 for futures and other derivatives, with only a half-day session left for the year on Tuesday.

The benchmark Hang Seng Index edged up 1 point or 0.01 percent to 23,244. The Hang Seng China Enterprises Index, the main gauge for H shares, slipped 0.55 percent to 10,770, while the Shanghai Composite Index finished 0.18 percent lower at 2,097 points.

Coal plays performed weakly. China Shenhua Energy (01088.HK) retreated 1 percent while China Coal Energy (01898.HK) dropped 2.5 percent, making the latter the worst performer among blue chips in the session.

Meanwhile, Hutchison Whampoa (00013.HK) was up 0.6 percent, hitting a fresh 14-year high.

Investors piled into the technology sector. Tencent (00700.HK) spiked 2.6 percent, reaching a record high. Sinosoft Technology Group (01297.HK), Kingdee International Software Group (00268.HK) and Kingsoft Corp. (03888.HK) all saw notable gains.

Internet payment plays continued to soar on news that billionaire Li Ka-shing has invested in BitPay, the digital currency equivalent of PayPal, through his venture-capital company Horizons Ventures. China Netcom Technology (08071.HK) shot up 44 percent, becoming the best performer in the Hong Kong stock market. Lottery services system provider China LotSynergy Holdings (01371.HK) also added more than 11 percent.

Six days after its trading debut, Kerry Logistics Network (00636.HK) ended 7.4 percent higher for the day, and was the eighth most active stock in Hong Kong.

– Contact the writer at [email protected]





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