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Hong Kong shares rise on tech, consumer stocks' boost

08/04/2021 | 04:30am EDT

* Hang Seng index ends up 0.88%

* China Enterprises index HSCE rises 1.06%

* Tencent leads tech sector rebound; property sector down 0.5%

Aug 4 (Reuters) - Hong Kong shares rose on Wednesday, with tech firms leading gains a day after concerns over tightening oversight of online games wiped nearly $60 billion off the market capitalisation of Chinese tech giant Tencent. ** At the close of trade, the Hang Seng index was up 231.73 points, or 0.88%, at 26,426.55. The Hang Seng China Enterprises index rose 1.06% to 9,419.25. ** Index heavyweight Tencent Holdings Ltd led gains, bouncing 2.42%, even as an opinion article in the ruling Communist Party's official People's Daily newspaper said on Wednesday that China should better protect minors from the dangers of the internet. ** Tencent said on Tuesday it would further curb minors' access to its flagship video game after a state media article that described online games as "spiritual opium" sparked a more than 6% slump in the company's shares. ** The Hang Seng Tech index rose 2.43% and the IT sector rose 1.25%. Consumer discretionary firms also rose, lifting an index tracking the sector 2.55%. ** Providing Luther support for market sentiment, a private survey showed that growth in China's services sector accelerated in July, helped by a recovery in consumption. ** But a surge in domestic COVID-19 cases remains a threat to the growth outlook. China reported 96 new confirmed COVID-19 cases in the mainland for Aug. 3. Most cases were transmitted locally. ** China's main Shanghai Composite index closed up 0.85% at 3,477.22 points, while the blue-chip CSI300 index ended up 0.9%. ** Around the region, MSCI's Asia ex-Japan stock index was firmer by 0.94%, while Japan's Nikkei index closed down 0.21%. ** The yuan was quoted at 6.462 per U.S. dollar at 08:11 UTC, 0.12% firmer than the previous close of 6.47. (Reporting by Andrew Galbraith; Editing by Rashmi Aich)


© Reuters 2021
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