Date
20 November 2017

Tech plays surge as Lenovo surpasses Apple in PC sales

Hong Kong’s benchmark index edged up on Thursday as technology plays surged on positive industry news.

The Hang Seng Index closed up 84 points or 0.37 percent at 22,986 points, but the Hang Seng China Enterprises Index, the main gauge for H shares, slipped 0.14 percent to 10,187.

Meanwhile, the Shanghai Composite index gained 0.02 percent to close at 2,023 points.

Lenovo Group (00992.HK) continued its winning streak on news that it dethroned Apple as the world’s No. 1 in personal computer sales for the very first time, according to research institute IDC. The stock closed 5 percent higher, making it the best-performing blue chip for the second day in a row and bringing its two-day gains to more than 10 percent.

Riding on the bright sentiment in the sector, ZTE Corp. (00763.HK) climbed 3.3 percent.

In another positive news, Tencent Holdings (00700.HK) paid HK$1.5 billion (US$193.44 million) for a stake in China South City Holdings (01668.HK), a developer of logistics and retail centers, in a bid to expand its e-commerce business. Tencent surged as much as 5.4 percent before closing 0.79 percent higher, while South City shot up 83 percent at one point before ending 60 percent up for the day.

Investors also piled into the semiconductor sector with ICube Technology Holdings (00139.HK) up 10.1 percent and Sunlink International Holdings (02336.HK) surging 14.8 percent. Solomon Systech International (02878.HK) closed 8.7 percent higher.

– Contact the writer at [email protected]

CG

 

 

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