Hong Kong stocks closed higher Friday, chipmakers staged strong rally, coal miners lower
STOCKS
Hong Kong stocks closed higher Friday, chipmakers staged strong rally, coal miners lower
STOCKS

Hong Kong stocks closed higher Friday, chipmakers staged strong rally, coal miners lower

 

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Hong Kong stocks closed slightly higher on Friday, with the benchmark Hang Seng Index up 0.14% to 20,201.9, the Hang Seng China Enterprises Index up 0.33% to 6,902.2 and the Hang Seng Tech Index gained 0.79% to 4,415.86.

Technology heavyweights closed mixed, with Baidu, Xiaomi slightly higher, while NetEase, Alibaba and Tencent closing lower.

Semiconductor companies staged a strong rally on expectation of faster pace of domestic replacement of overseas supply, Hua Hong Semiconductor leading the rally with 13.35% gain, SMIC up 7%, ASM Pacific Technology up 6.1%, Solomon System up 3.5%. Paper makers, Apple suppliers, biotech companies, shipping companies, cement producers and education companies were mostly higher.

Coal miners tumbled after China’s top market regulators again vowed to step up price regulation and crack down on speculations. Mobile gaming companies, oil companies, automakers and defence stocks also led the losses.