Hong Kong stocks rose on Friday but marked their worst yearly performance in a decade amid Beijing’s regulatory crackdowns on technology companies.
Mainland-listed equities edged up thanks to gains in the new energy and property sectors. Real estate developers gained 2.5% on Friday, after a central bank official said mergers and acquisitions in the property market will help firms lower debt.
The CSI300 index was unchanged at 4,923.30 points at the end of the morning session, while the Shanghai Composite Index gained 0.4% to 3,632.14 points.
For 2021, the CSI300 index lost 5.5% while the Shanghai Composite index gained 4.6%.
Turnover in China’s A-shares – stocks denominated in yuan and traded in the Shanghai and Shenzhen stock exchanges – is set to surpass a record created in 2015.
Total assets under management (AUM) of the country’s mutual fund industry reached 25.3 trillion yuan ($3.97 trillion) this year, hitting a record high.
Hong Kong’s Hang Seng index added 1.2% to 23,397.67 points, but slumped 14.1% this year.
The Hong Kong China Enterprises Index gained 1.7% to 8,236.35, but posted the biggest annual drop since 2009 with a 23.3% plunge.
While China’s technology giants surged 3.6% on Friday, the tech index has plunged more than 30% this year amid Beijing’s sweeping crackdown.
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