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Chinese tech stocks drive Hong Kong gains

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Shares in Hong Kong opened with strong gains Friday, as surging Chinese tech stocks helped it shrug off a weak lead from Wall Street on the last trading day of the year.

The benchmark Hang Seng Index closed up by more than one percent, on a day when many Asian bourses -- Indonesia, Japan, South Korea, Taiwan and Thailand -- were closed for public holidays.

The daily gains signalled some good news at the end of a tough year for many Chinese tech giants, which have been battered by Beijing's drive to rein in their outsized influence on the world's second-biggest economy. "The outlook for 2022 remains uncertain, especially during the first quarter because the regulatory risk is not totally over yet," warned Steven Leung, executive director of UOD Kay Hian .During the previous trading day, global stocks were mixed as markets weighed the efforts to limit the health and economic effects of the latest fast-spreading Covid-19 wave.

Paris and Frankfurt both climbed but London fell, and Wall Street paused its rally, with both the Dow and S&P 500 retreating from all-time highs.

 

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