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Iris Ouyang

Hong Kong stocks advanced for the first week in four, as traders waited for potential changes to the key benchmark index in a regular rebalancing exercise. Gains in technology stocks tempered losses in Tencent Holdings.
The Hang Seng Index added 1.5 per cent to 28,458.44 from a week ago, after erasing earlier losses in Friday trading. The Shanghai Composite Index fell for a third day, losing 0.6 per cent to 3,486.56.
The Hang Seng Tech Index rose for a fourth day, handing investors a 6.1 per cent gain for the week amid speculation more from the industry will join the benchmark from next month.
Speculation on new entries buoyed JD.com, Li Ning and Smoore International by more than 1 per cent. Kuaishou Technology, Ping An health care and NetEase rose by at least 4.9 per cent.




On the flip side, old-economy stocks such as developers and banks fell. Longfor Group dropped 1.7 per cent, CK Hutchison shed 1 per cent and BOC Hong Kong lost 1.1 per cent.
“Investors are taking a wait-and-see attitude before the quarterly review, with a focus on rising inflation risks” in the backdrop, said Linus Yip, chief strategist at First Shanghai Securities in Hong Kong. As the market struggles for catalysts and themes, “stock fluctuations will continue into the rest of May,” he added.
Hang Seng Indexes Company is expected to report its quarterly index review later Friday, which will take effect from June 7, according to its schedule. The index compiler raised the constituents to 55 from 52 in the March review, and has unveiled a plan to boost the membership to 80 by mid-2022.

Health care firms and more technology stocks could be added to the benchmark, according to Gary Ching, Hong Kong-based chief analyst for macroeconomic and strategy at Guosen Securities. Yip at First Shanghai expects more health care, tech and consumer stocks to be included into the benchmark.
Stocks on mainland bourses extended losses. ﻿China Tourism Group Duty Free fell 2.2 per cent, Huatian Hotel Group declined 1.3 per cent.
New listings surged in Shanghai. Allgens Medical Technology soared 478.3 per cent to 95.01 yuan. Guangzhou Sanfu New Materials Technology more than tripled to 39 yuan.


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Business

Markets

Hang Seng Indexes Company is expected to report its index rebalancing later Friday for June quarter
Tencent led losses despite earnings beat as investors focus on erosion from investment outlays to build market share


Hong Kong stocks rose, snapping a three-week rout, as traders waited for potential changes to Hang Seng Index at a regular rebalancing exercise. Tech and healthcare firms profited from speculation on the outcome.


Stock Connect

Stocks

Hong Kong stocks log weekly gain before index review as speculation buoys tech, healthcare firms

Hang Seng Indexes Company is expected to report its index rebalancing later Friday for June quarter Tencent led losses despite earnings beat as investors focus on erosion from investment outlays to build market share

Hang Seng Indexes Company is expected to report its index rebalancing later Friday for June quarter

Tencent led losses despite earnings beat as investors focus on erosion from investment outlays to build market share