Macau casino stocks keep alive Hong Kong market’s longest winning run in five weeks, as trading volume sags before holiday
- Results from a public hearing in Macau were in favour of keeping the existing casino operations, according to reports from brokers
- Biden signs into law a measure banning all imports from Xinjiang for alleged use of forced labour, building on recent actions including sanctions on officials
The Hang Seng Index rose 0.1 per cent to 23,223.76 at the close of trading, adding to its best momentum since a six-day rally in mid-November. The Hang Seng Tech Index declined 0.3 per cent, while China’s Shanghai Composite Index lost 0.4 per cent.
Sands China jumped 4.7 per cent, Galaxy Entertainment added 2.1 per cent and MGM China surged by 7.2 per cent. Most participants at a public hearing in the world’s biggest gambling hub suggested keeping the current six licences, according to reports from investment banks including Sanford C. Bernstein.
That injected confidence among investors that the six existing operators will be able to renew their concessions when they expire in June next year. Casino stocks had earlier slumped amid a regulatory overhaul, as China seeks to diversify Macau’s economy from its reliance on gambling revenue.
Trading in Hong Kong’s equity market ended at noon ahead of the festive season. It will be shut on December 27 for a public holiday. The daily trading volume on Friday was 67 per cent below its 30-day average, according to Bloomberg data.
Xinyi Glass sank 2.1 per cent and Xinyi Solar slipped 0.8 per cent on Friday.
