11 December 2018

HSI gains as Tencent hits fresh record for fourth day

Hong Kong’s benchmark index continued with its winning streak on Monday after mainland tech giant Tencent (00700.HK) reached a new peak.

The Hang Seng Index added 237 points or 1.07 percent to finish the session at 22,535 points. The Hang Seng China Enterprises Index, the main gauge for H shares, rose 1.69 percent to 10,101. The Shanghai Composite Index gained 0.92 percent at 2,135 points.

Tencent rose 5.7 percent to hit a fresh record high for the fourth day in a row on news that it was close to acquiring a strategic stake in restaurant review website for US$400 million.

Software developer Kingsoft Corp. (03888.HK) jumped 6.6 percent after it was reported that handset maker Xiaomi has become a stakeholder and the two are planning to link up on a mobile gaming business. 

Other software players like Kingdee International Software (00268.HK), Chinasoft International (00354.HK) and Sinosoft Technology (01297.HK) gained between 3.3 percent and 4 percent.

Mobile game developer Boyaa Interactive International (00434.HK) soared over 20 percent after it reported a surprise profit, while rival IGG (08002.HK) closed 17 percent higher.

China Life Insurance (02628.HK) surged 8.8 percent after announcing that its premium income for January rose 73 percent to 80.9 billion yuan (US$13.3 billion) from a year earlier, making it the day’s best-performing blue chip. Other insurance plays saw notable increases.

Snacks importer CEC International (00759.HK) closed 12.8 percent higher on news that its foray into the cosmetic retail business is gaining traction.

– Contact the writer at [email protected]



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