HSI shakes off US tech slump to end higher

The Hang Seng Index opened lower but reversed course to put on as many as 114 points. But the upward momentum later lost steam and the local benchmark ended 29 points or 0.1 percent higher, at 29,135.

Turnover reached HK$195.7 billion.

Meituan jumped 1.7 percent, after the food delivery platform announced that it has raised US$10 billion through the sale of stock and convertible bonds. Among the buyers was its largest shareholder, Tencent, which will see its stake stand at about 17 percent.

But still, the index heavyweight edged down 0.4 percent, as most tech shares underperformed the market. Alibaba slipped more than 1.5 percent.

Mainland hotpot chain Haidilao surged 3.9 percent to become the day’s blue-chip winner, while the worst performer on the benchmark was Mengniu Dairy.

Profit-taking dragged markets across the border lower. The Shanghai Composite Index skidded 0.1 percent. The blue-chip CSI300 index and the Shenzhen Composite was down less than 0.1 percent each.

Around the region, Japan’s Nikkei lost almost two percent. Australia trimmed 0.7 percent. Singapore shed 0.6 percent. But Seoul’s Kospi added 0.7 percent. Taiwan put on 0.4 percent.

In currencies, the US dollar hovered around its lowest levels in almost seven weeks, while the Euro strengthened as investors cheered the pace of vaccine rollout in Europe.