Hong Kong stocks close higher in half-day trade ahead of Lunar New Year holidays

31-01-2022 13:54 HKT

Hong Kong's main Hang Seng index and China's H-shares index ended firmer in half-day trade on Monday with technology stocks leading gains, ahead of market holidays in the city for most of the week.

At the close of trade, the Hang Seng index was up 252.18 points, or 1.07 percent, at 23,802.26. The Hang Seng China Enterprises index rose 1.7 percent to 8,349.95. Hang Seng Technology Index rose 2.4 percent.

Hang Seng index ended January 1.7 percent higher, Hang Seng China Enterprises index up 1.4 percent, while the Technology index was down 4.5 percent

Mainland Chinese markets will be shut for a week-long Lunar New Year holiday, starting Jan. 31. Hong Kong markets will be closed from Feb. 1 to Feb. 3 and will resume on Feb. 4

China has selected 15 pilot zones and identified several areas of application to "carry out the innovative application of blockchain" technology, according to a joint government statement on Sunday, sending tech stocks up in Hong Kong.

Data out on Sunday showed China's factory activity slowed in January as a resurgence of Covid-19 cases and tough lockdowns hit production and demand, and that capped the upside of the market.

The sub-index of the Hang Seng tracking energy shares dipped 0.4 percent, while the IT sector rose 3.27 percent, the financial sector ended 0.09 percent lower and the property sector rose 0.42 percent.

The top gainer on the Hang Seng was Meituan, which gained 5.58 percent, while the biggest loser was Budweiser Brewing Company APAC Ltd, which fell 4.2 percent.

Around the region, MSCI's Asia ex-Japan stock index was firmer by 0.58 percent, while Japan's Nikkei index closed up 1.39 percent.

The top gainers among H-shares were Kuaishou Technology up 6.61 percent, followed by Innovent Biologics, gaining 6.34 percent and Meituan, up by 5.58 percent.

The three biggest H-shares percentage decliners were Alibaba Health Information Technology, which was down 1.52 percent, China Resources Beer, which fell 1.02 percent, and JD Health International, down by 0.95 percent.

(Reuters)