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Tech giants shore up Hong Kong shares; Alibaba down – Reuters

Nov 12 (Reuters) – Hong Kong shares inched higher on Friday, driven by gains in tech heavyweights although e-commerce giant Alibaba retreated after its Singles Day sales grew at the slowest pace ever.

The Hang Seng index rose 0.3% to 25,327.97, while the China Enterprises Index gained 0.7% to 9,114.37.

** For the week, the Hang Seng Index climbed 1.8% and the China Enterprises Index jumped 3.3%, the most in three weeks for both.

** The Hang Seng Tech Index climbed 1.6%, with tech giants Meituan and Tencent Holdings up 2.6% and 1.6%, respectively.

** Index heavyweights Meituan and Tencent shored up the Hang Seng Index, while Alibaba Group finished down 0.5%.

** Alibaba’s Singles Day sales grew 8.5%, the slowest rate ever, underscoring strong regulatory and supply chain headwinds for China’s tech firms.

** Shares of JD.Com Inc surged 5.2% after the e-commerce group posted a record-breaking ‘Singles Day’ Grand Promotion.

** China’s largest chipmaker Semiconductor Manufacturing International Corp plunged 3.8% after its vice-chairman resigned in a leadership reshuffle.

** Hotpot chain Haidilao International Holding Ltd slumped 9% and was the biggest percentage decliner in the Hang Seng Index, after it unveiled a $302 million share sale plan for credit facilities repayment. (Reporting by the Shanghai Newsroom; Editing by Subhranshu Sahu)