HK stocks gain at midday, Xiaomi tumbles

Business | 15 Sep 2020 12:22 pm

Hong Kong stocks went into the breakcwith gains Tuesday, extending a rally into a third day, with traders cheered by forecast-beating Chinese economic data.
The Hang Seng Index gained by 0.48 percent, or 119.24 points, to 24,759.52.

Smartphone maker Xiaomi (1810) slumped by 3.82 percent at HK$22.65, the worst performer among blue chip stocks, after vice chairman Lin Bin offloaded 350 million shares in the company for HK$8 billion.

Shares of tourism-related stocks rebounded with shopping malls operator Wharf Real Estate Investment (1997) rising by 4.49 percent to HK$32.6, the best performer among blue chip. Casino operators also outperformed, with Sands China (1928) climbing by 3.42 percent. Mainland developers also rose, Country Garden (2007) advanced by 3.93 percent while China Overseas Land & Investment (0688) up 1.89 percent.

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