Hong Kong stocks edged higher on Tuesday, building on last Friday's gains, helped by index heavyweight HSBC which rose after its largest shareholder, Chinese insurance giant Ping An, called for a break-up of the London-headquartered bank. The Hang Index gained 0.12% to 21,114.25 in the morning session.
Hong Kong stocks on Tuesday
managed to hold onto most of their gains from the previous
session with heavyweight HSBC rising after its largest
shareholder, Chinese insurance giant Ping An, called for. | May 3, 2022
Chinese stocks plunged on Monday as a continued surge of COVID cases further clouded the economic outlook, while regulatory concerns and U.S. delisting risks sent Hong Kong-listed tech giants to a new low, dragging down the Hang Seng benchmark. The rapid spread of the virus in China is heightening investors' worries over slowing growth, highlighted on Monday by figures showing new bank lending fell more than expected in February while broad credit growth slowed.