BEIJING, Oct 14 (Reuters) – Hong Kong shares recovered lost ground to close higher on Wednesday, as tech stocks climbed after Chinese President Xi Jinping’s Shenzhen speech emphasized on property rights and protection for entrepreneurs, lifting risk appetite.
** At the close of trade, the Hang Seng index was up 17.41 points or 0.07% at 24,667.09. The Hang Seng China Enterprises index rose 0.43% to 9,920.77. ** The sub-index of the Hang Seng tracking energy shares dropped 2.8%, while the IT sector rose 1.91%, the financial sector ended 0.27% lower and the property sector dipped 0.96%.
** Heavyweight stock Tencent Holdings Ltd, a Shenzhen-based tech giant, hit an all-time high and closed up 3.1% after Xi’s speech.
** Shenzhen will strengthen property rights and protection of entrepreneurs, Xi said on Wednesday in a speech to mark the establishment of the country’s first economic zone in the southern city four decades earlier, promising the city government will get more leeway to pursue reforms. ** Shares in China Evergrande Group fell 17% after the country’s most indebted property developer trimmed its share sale to shore up its balance sheet under the government’s new debt-ratio caps.
** China’s main Shanghai Composite index closed down 0.56% at 3,340.78 points, while the blue-chip CSI300 index ended 0.66% weaker. ** Around the region, MSCI’s Asia ex-Japan stock index was firmer by 0.1%, while Japan’s Nikkei index closed 0.11% higher. ** The yuan was quoted at 6.7409 per U.S. dollar at 0814 GMT, 0.06% firmer than the previous close of 6.745. (Reporting by Zhang Yan in Beijing, and Andrew Galbraith in Shanghai, Editing by Sherry Jacob-Phillips)
SOURCE : https://www.reuters.com/article/china-stocks-hongkong-close/hong-kong-shares-end-higher-as-chinas-xi-speech-lifts-tech-stocks-idUSAZN18SX00