Hong Kong shares hit four-week high as tech giants rally; China up

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SHANGHAI, Oct 11 (Businesshala) – Chinese stocks rose on Monday, driven by coal firms on supply fears and defense equities over rising tensions with Taiwan, while Alibaba and Meituan helped propel Hong Kong shares to four-week highs. Of.

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The CSI300 index rose 0.5% to 4,953.04 by the end of the morning session, while the Shanghai Composite Index rose 0.4% to 3,605.76.

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The Hang Seng index climbed 2.2% to 25,391.37. The Hong Kong China Enterprise Index rose 2.9% to 9,025.86.

** The Hang Seng Tech Index jumped 3.7%, with e-commerce giant Alibaba Group and food-delivery company Meituan each rising more than 9%.

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** China’s antitrust regulator fined Meituan 3.4 billion yuan ($527.4 million) for abusing its dominant market position, the latest fine in Beijing’s crackdown on the online platform.

** Jefferies says now that the overhang has been removed, the long-term outlook for Meituan is bright.

** Alibaba rose for a fourth straight session after the Daily Journal Corp, headed by Charlie Munger, increased its stake by 83 per cent during the third quarter, according to public disclosures.

** The Energy sub-index and the Healthcare sub-index grew by 1.9% and 1.5%, respectively.

** In mainland markets, the coal sub-index rose by 3.4% amid short supply, leading to China’s worst power shortage in years.

** China has ordered two of its top coalfields to ramp up production and will allow coal-fired power utilities to charge customers higher prices.

** Citi Securities said the measures would take time to take effect and estimated the supply crunch situation this year would be difficult to reverse.

** Real estate firms and banks each gained over 2.7%.

** A sub-index tracking defense shares rose 2.9%.

** Chinese President Xi Jinping vowed on Saturday to achieve “peaceful reunification” with Taiwan, while the Chinese-claimed island responded by calling on Beijing to give up its force. (Reporting by Shanghai Newsroom; Editing by Subhranshu Sahu)


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