Hong Kong Hang Seng Gains 0.8% in Bargain Hunting; Property Issues Still Weak

The Hong Kong Hang Seng opened higher on Wednesday and held ground, finishing up 0.8% as traders bought shares at attractive values after sharp declines related to concerns raised by the omicron variant of the coronavirus. Casino shares lost ground again on possible crackdowns on Macau junket operators, while property issues also retreated.

The broad gauge Hang Seng rose 183.66 to 23,658.92, as gaining issues outnumbered losers 31 to 27. The Hang Seng TECH Index rose 0.5% on the day, but the Mainland Properties Index declined 1.1%.

Leading the upside was Techtronic Industries 669, up 4%, followed by China Petroleum & Chemical 386, up 2.9%, and then online delivery service Meituan 3690, up 2.8%.

On the downside was Macau gaming houses Sands China 1928, off 4.2%, and then Galaxy Entertainment 27, off 2.9%.

On the mainland, the Shanghai Composite rose 0.4%to 3,576.89.

In other news, the November Caixin China General Manufacturing Purchasing Managers' Index fell to 49.9 in November from 50.6 in October, reported IHS Markit and Caixin. Readings above 50 indicate sector expansion, while below 50 points to contraction.