Advertisement
UK markets closed

  • FTSE 100

    7,877.05
    +29.06 (+0.37%)
     

  • FTSE 250

    19,450.67
    +110.53 (+0.57%)
     

  • AIM

    744.99
    +1.87 (+0.25%)
     

  • GBP/EUR

    1.1691
    +0.0024 (+0.21%)
     

  • GBP/USD

    1.2465
    +0.0009 (+0.07%)
     

  • Bitcoin GBP

    50,953.39
    +2,520.01 (+5.20%)
     

  • CMC Crypto 200

    885.54
    0.00 (0.00%)
     

  • S&P 500

    5,046.71
    +24.50 (+0.49%)
     

  • DOW

    37,988.48
    +235.17 (+0.62%)
     

  • CRUDE OIL

    82.61
    -0.08 (-0.10%)
     

  • GOLD FUTURES

    2,398.00
    +9.60 (+0.40%)
     

  • NIKKEI 225

    38,079.70
    +117.90 (+0.31%)
     

  • HANG SENG

    16,385.87
    +134.03 (+0.82%)
     

  • DAX

    17,837.40
    +67.38 (+0.38%)
     

  • CAC 40

    8,023.26
    +41.75 (+0.52%)
     
Money:

Best mortgage deals of the week

As possibility of multiple interest rate cuts dwindle here's what banks and building societies are offering

China Tech Shares Stage Rebound After Five-Week Selloff

Abhishek Vishnoi and Olivia Tam
·2-min read

(Bloomberg) -- Chinese technology stocks rallied in Hong Kong on Monday as bargain hunters pounced in the wake of the sector’s worst rout in months.

The Hang Seng Tech Index closed 2.1% higher, following a near 11% slump last week that sent the gauge to the lowest level since its July 2020 inception on Friday. The index had dropped for five straight weeks, its longest losing streak since January 2019.

The benchmark, which tracks the biggest technology stocks in China, has lost nearly 45% since a February peak with Beijing’s crackdown on private sectors in recent months accelerating a selloff. It plunged into so-called oversold territory last week, triggering a round of buying. The Hang Seng Index gained 1.1%.

“After another week of heavy selling, some rebound can be expected as much of the tech sector is beginning to look like value plays,” said Marvin Chen, an analyst at Bloomberg Intelligence. Volatility in the sector may ease, although there is still “quite a lot of uncertainty” in how the long-term reforms may affect the sector’s growth profile, he added.

ADVERTISEMENT

Online health-care firms recovered after state media’s warning over safety of prescription drug sales on Friday sent shares tumbling. JD Health International Inc. rose 10% while Alibaba Health Information Technology Ltd. gained 6.1%. The technology sector’s bellwether Tencent Holdings Ltd. climbed 2%, the most in nearly two weeks.

READ: Even After $1.5 Trillion Rout, China Tech Traders See More Pain

Alibaba Group Holding Ltd. remained oversold, dropping 3.7% to another record low in Hong Kong after China’s anti-graft watchdog announced an investigation into the top government official in the company’s home city. Video streaming giant Kuaishou Technology rose 2.6% but is still trading in oversold territory ahead of its earnings report on Wednesday.

(Updates throughout)

More stories like this are available on bloomberg.com

Subscribe now to stay ahead with the most trusted business news source.

©2021 Bloomberg L.P.