HK stocks pare early gains

Business | 25 Nov 2020 12:48 pm

The Hang Seng Index was up by 226.46 points to 26,814.66 points at midday, narrowing early gains narrowed after 11:00 am when the Policy Adress began.

HSBC (0005) surged by 6.79 percent at HK$42.45, becoming the top gainer among blue chip, as investors are optimistic that the UK lender will resume dividend payment.

Oil stocks also outperformed, following their international counterparts. CNOOC (0883) climbed by 4.81 percent, while Sinopec (0386) increased by 4.54 percent.

The biggest loser was Techtronic Industries (0669), power equipment maker, whose shares tumbled by 4.56 percent to HK$102.60.

Smartphone maker Xiaomi (1810) fell by 3.5 percent after posting a 19 percent rise in third quarter profit, earlier.

In mainland China, the Shanghai Stock Exchange Composite Index fell by 0.22 percent at 3,395.33 while the Shenzhen Stock Exchange Composite Index slid 0.78 percent at 2,276.29.

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