18 January 2019

Software stocks strengthen as HSI consolidates

Hong Kong’s benchmark index ended the day without much movement, but funds continued to pile into technology and software stocks.

The Hang Seng Index added 51 points or 0.23 percent to finish at 22,587 points. The Hang Seng China Enterprises Index, the main gauge for H shares, declined 0.4 percent to 10,057 at the close. Shanghai Composite Index gained 0.92 percent at 2,135 points.

Tencent (00700.HK) went on a roller-coaster ride during the session, reaching a new peak in the morning, then plunging 3 percent before ending the day 0.8 percent higher.

Software developer Kingdee International Software (00268.HK) jumped 8.7 percent, Sinosoft Technology Group (01297.HK) surged 5.6 percent and Kingsoft Corp (03888.HK) closed up 1.9 percent.

Blue chips had mixed performances. Local lender Bank of East Asia (00023.HK) closed 3 percent higher after announcing its 2013 net profit rose 9 percent from the previous year to beat analyst estimates. It was the day’s best-performing blue chip. AIA Group (01299.HK) climbed 1.29 percent.

– Contact the writer at [email protected]



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