Bargain hunters help Wall Street extend rally

Wall Street rallied to close sharply higher on Monday as investors sought bargains among sectors hardest-hit by the coronavirus recession, now limping toward its ninth month. All three major US stock indexes made solid gains on the heels of the longest weekly losing streak in over a year for both the S&P 500 and the Dow. But energy and financials, which suffered the most bruising blows from the...

HSI kicks off short week on winning note

Hong Kong Stock Market rallied more than 1 percent on Monday following a strong lead from Wall Street, with market heavyweight HSBC boosted by news its biggest stakeholder had increased its investment in the firm. The Hang Seng Index rose 1.04 percent, or 240 points, to 23,476. HSBC, which had struggled recently, jumped 9 percent to close at HK$30.8, on news that Ping An Insurance Group had lifted...

Local stocks head north in morning session

Hong Kong stocks finished Monday morning with gains following a rally on Wall Street last Friday, though traders remain on edge as a spike in virus infections forces some governments around the world to reimpose containment measures. The Hang Seng Index added 0.74 percent, or 170 points, to 23,406. Most Asian stocks were also in positive territory. Tokyo ended the morning session 0.7 percent higher, while Seoul and...

SMIC shares slide on news of export controls

Stock Market in China's biggest chipmaker plunged on Monday following weekend media reports that Washington has placed export controls on the company, the latest salvo in the battle for technological dominance over Beijing. Semiconductor Manufacturing International Corp (SMIC) opened 7.64 percent down at HK$17.10 in Hong Kong on Monday morning after US companies were ordered by the Commerce Department to seek permission before selling technologies to the chip...

HK, mainland stocks slightly higher at open

Hong Kong stocks opened on Monday with small gains following a strong lead from Wall Street, while investors also cheered healthy data indicating China's economy continues to improve. The Hang Seng Index added 0.2 percent to 23,284. The benchmark Shanghai Composite Index gained 0.2 percent to 3,224, while the Shenzhen Composite Index on China's second exchange edged up 0.3 percent to 2,149. (AFP)Want to know more on HK,...

Judge overrules White House on TikTok ban

A US federal judge late on Sunday halted a politically-charged ban ordered by the Trump administration on downloads of the popular video app TikTok, hours before it was to go into effect. District Judge Carl Nichols issued a temporary injunction at the request of TikTok, which the White House has called a national security threat alleging that its Chinese parent firm is tied to the Beijing government. The...

US puts restrictions on Chinese chip maker SMIC

The United States has imposed restrictions on exports to China's biggest chip maker SMIC after concluding there is an "unacceptable risk" equipment supplied to it could be used for military purposes. Suppliers of certain equipment to Semiconductor Manufacturing International Corporation will now have to apply for individual export licences, according to a letter from the Commerce Department dated Friday and seen by Reuters. The latest move marks a...

Tech shares lead as US stocks end week on a high

Despite lacklustre economic data, Wall Street stocks posted their best session of the week on Friday, with tech Stock Market leading the market higher. The Nasdaq jumped 2.3 percent to 10,913, as indices shook off early weakness. The Dow Jones finished up 1.3 percent at 27,173, while the S&P 500 gained 1.6 percent to 3,298. "The market has been under pressure for a while and is just catching...
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