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Hong Kong stocks gain, as Xiaomi continues to surge after being tapped for Hang Seng Index
- Xiaomi and Wuxi Biologics continue to roll
- Hang Seng Index ends below 25,500 level but ends week ahead
Hong Kong stocks rose Friday as Chinese smartphone maker Xiaomi continued to soar on huge earnings and in anticipation of its being added to the Hang Seng Index.
Sentiment was buoyed by Hong Kong’s restaurants being allowed to stay open until 9pm beginning Friday, as positive signs have been seen on coronavirus control.
The Hang Seng Index gained 0.6 per cent to 25,422.06, failing to end the week above the important 25,500 resistance level. For the week, it ended ahead 1.2 per cent.
Pharmaceutical giant Wuxi Biologics advanced 3.2 per cent, Xiaomi rose 5.8 per cent, while e-commerce giant Alibaba, owner of the South China Morning Post, fell 1.3 per cent.
Over the previous week, Xiaomi had risen 18.4 per cent, making that one of its best weeks ever. Xiaomi, Wuxi and Alibaba will be added to the Hang Seng Index on September 7. The benchmark is being reshuffled with three current stocks being dropped to make room for the addition of biotech and tech stocks at a challenging time of Covid 19.
Hong Kong new tech board rose 0.5 per cent on Friday.
In the mainland, the Shanghai Composite Index rose 1.6 per cent to 3,404.
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