Hong Kong shares close higher on tech stocks

BEIJING: Hong Kong shares settled higher on Wednesday, led by gains in , as investors hoped that policymakers would avoid sudden credit policy tightening in 2021 to support an economic recovery from the pandemic-induced slump.

At the close of trade, the Hang Seng index was up 223.85 points, or 0.86%, at 26,343.10. The Hang Seng China Enterprises index rose 0.95% to 10,482.52.

The led the gains by rising 1.74%, while the financial sector ended 0.35% higher and the property sector rose 0.42%.

The top gainer on the Hang Seng was handset maker Xiaomi Corp, which rose 7.59% in its biggest daily gain in a month.

China’s main Shanghai Composite index closed up 0.76% at 3,382.32, while the blue-chip CSI300 index ended up 0.85%.

China’s central bank will scale back support for the economy in 2021 and cool credit growth, but fears of derailing a recovery from a pandemic-induced slump and debt defaults are likely to prevent it from tightening any time soon, policy sources said.

Around the region, MSCI’s Asia ex-Japan stock index was weaker by 1.05%, while Japan’s Nikkei index closed up 0.33%.

The yuan was quoted at 6.5361 per U.S. dollar at 08:09 GMT, 0.1% firmer than the previous close of 6.5429.

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