Hong Kong stocks reverse gains as investors take profits before Christmas break
Losses in tech heavyweights like Kuaishou, Tencent and Xiaomi pull Hang Seng Index lower after advancing in the morning session
The Hang Seng Index closed 0.1 per cent lower at 25,774.14, after rising as much as 0.5 per cent earlier. The Hang Seng Tech Index fell 0.7 per cent. On the mainland, the CSI 300 Index climbed 0.2 per cent and the Shanghai Composite Index gained 0.1 per cent.
Technology heavyweights weighed on the index. Short-video sharing platform Kuaishou Technology slumped 3.5 per cent to HK$64.35 after it said it suffered a cyberattack. WeChat operator Tencent Holdings retreated 2 per cent to HK$602, while smartphone and carmaker Xiaomi tumbled 1.5 per cent to HK$39.20. Blind-box toymaker Pop Mart International lost 0.7 per cent to HK$200.40 and travel-booking agency Trip.com dropped 1.2 per cent to HK$568.
Limiting losses, e-commerce heavyweight Alibaba Group Holding strengthened 0.6 per cent to HK$147.20 and peer JD.com climbed 0.5 per cent to HK$112.80. Logistics firm ZTO Express Cayman advanced 0.4 per cent to HK$165.80, and Hong Kong Exchanges & Clearing rose 0.2 per cent to HK$407.60.
Distressed mainland Chinese developer China Vanke lost 2.3 per cent to HK$3.46, after creditors agreed to extend its bond grace period to January 28, but did not pass a proposal to extend the principal repayment by a year.