Hong Kong stock market finished volatile session higher on Wednesday, 06 January 2021, amid confusion surrounding the New York Stock Exchange's plan to delist three Chinese telecoms giants, while index compiler S&P Dow Jones Indices decided to retain them in its global benchmarks.
At closing bell, the benchmark Hang Seng Index advanced 0.15%, or 42.44 points, to 27,692.30. The Hang Seng China Enterprises Index added 1.17%, or 125.68 points, to 10,899.83.
As per reports, the New York Stock Exchange is committed to delisting three Chinese telecommunications companies if their subsidiaries - China Mobile, China Unicom and China Telecom - are found to be affected by a US blacklist. A day earlier, the exchange said it was scrapping its December 31 plan to remove their American depositary shares. S&P Dow Jones Indices on Wednesday said that it would not remove the trio from its global benchmarks. China Unicom gained 3.5% to HK$5.02, recovering from a fall of as much as 3.1%. China Mobile rose 1.2% to HK$46.65, reversing from a 2.2% slide. China Telecom rose 3.7% to HK$2.24.
Shares of Chinese tech giants Tencent and Alibaba were monitored by investors after U.S. President Donald Trump signed an executive order banning transactions with eight Chinese software applications. That included WeChat Pay and Ant Group's Alipay. The order is only set to go into effect after Trump leaves office. Shares of Tencent and Alibaba gained 2.23% and 3.14%, respectively. E-commerce giant JD.com also soared 7.73% while Meituan advanced 4.52%.
Powered by Capital Market - Live News