HSI Edges Lower Despite Record Tencent Showing

The Hang Seng Index finished Wednesday with losses despite rallies by a number of heavyweights on the index as a spike in coronavirus infections in Europe and the United States weighed on investor sentiment.

The benchmark index closed 78 points or 0.3 percent lower at 24,708.

Turnover was HK$132.6 billion.

Tencent soared past the HK$600 level, finishing more than 2.7 percent higher at HK$601 – a record high – as rival Ant Group’s sizzling-hot dual listing draws attention to the potential in the mobile payment business.

Ant Group’s parent Alibaba jumped 2.5 percent and Hong Kong Exchanges and Clearing surged 3.5 percent.

But HSBC gave up some of its gains after Tuesday's earnings results, sinking 3.4 percent at HK$32.65.

Ping An insurance retreated more than 3 percent despite reporting a rise in third quarter profit.

Markets across the border finished in positive territory. The Shanghai Composite Index added 0.5 percent, the blue-chip CSI-300 Index inched up 0.8 percent and Shenzhen was up 0.7 percent.

Shares elsewhere in Asia were mixed.

The Nikkei in Japan skidded 0.3 percent, Taiwan declined 0.6 percent, and Singapore fell around 1 percent.

But South Korea’s Kospi was up 0.6 percent and Australia’s ASX-200 edged up 0.1 percent.