Hong Kong stocks rebound as technology, energy sectors gain – South China Morning Post

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Hong Kong stocks opened higher on Monday, following a week of volatility triggered by geopolitical uncertainties.

The Hang Seng Index opened up 0.8 per cent at 27,091.77. The Hang Seng China Enterprises Index, known as the H-share index, also gained 0.8 per cent, to 10,600.18.

Technology and energy shares were among the biggest winners at the start of the morning session.

Chinese internet giant Tencent climbed 2.1 per cent to HK$317.2 in early trade. The company is scheduled to release its interim results on Wednesday.

Online game developer IGG surged 5.4 per cent to HK$12.44. Software developer Kingsoft Corp rose 1 per cent to HK$20.4 and selfie app Meitu jumped 3.3 per cent to HK$13.32.

China Shenhua Energy and China Resources Power advanced 2 per cent and 1.5 per cent respectively to HK$19.48 and HK$15.1.

China Unicom added 1.4 per cent to HK$11.54.

Lighting company NVC Lighting Holding soared 8.1 per cent to HK$0.93, after issuing a positive earnings alert that forecast its interim profit to rise more than 50 per cent.

In the mainland, the Shanghai Composite Index slipped 0.1 per cent at the opening to 3,206.04.

However, the large-cap CSI300 added 0.2 per cent to 3,655.21. The Shenzhen Composite Index and the ChiNext Price Index rose 0.4 per cent and 0.7 per cent respectively to 1,849.49 and 1,752.83.

On Friday, the Hang Seng Index tumbled 2 per cent to close at 26,883.51, tracking sharp declines on Wall Street amid rising tensions between the US and North Korea.

For the week, the index dropped 2.5 per cent, snapping a four-week winning streak. Average daily turnover rose 16 per cent to HK$107 billion from the previous week.

The mainland’s Shanghai Composite Index fell 1.6 per cent at the end of last week to 3,208.54, its biggest percentage loss so far this year.

In the US market on Friday, stocks recovered some ground. The Dow Jones Industrial Average rose 0.1 per cent to 21,858.32. The S&P 500 gained 0.1 per cent to 2,441.32, and the Nasdaq Composite rebounded 0.6 per cent to 6,256.56.