Insurer AIA and tech giants lead Hong Kong shares up

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Nov 15 (Businesshala) – Hong Kong shares run by insurer AIA and tech giants ended lower on Monday. AIA jumped the most in six weeks, when its new trading value rebounded from a pandemic slump.

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The Hang Seng index rose 0.3% to 25,390.91, while the China Enterprises index fell 0.3% to 9,085.60.

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** Asia-focused insurer AIA Group Ltd climbed 2.3% as it posted a 2% rise in the Q3 value of its new business (VoNB) at the constant exchange rate (CER) as it tackled the pandemic-led disruption to business. continues to recover. in most of its main markets.

** The index heavyweight insurer pushed the Hang Seng Index up 44 points.

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** The Hang Seng Tech Index gained 0.5%, but shares in the sector were mixed, with Alibaba Group down 0.6% while Tencent Holdings was up 1.4%.

** Property investment and sales growth in China slowed in January-October compared to the prior nine months, and new construction began as measured by floor area.

** “Weakness in the land market suggests that the funding position for developers has not improved significantly and may continue to weigh on new home openings and new home sales,” Nomura said in a note.

** “Any reasonable relaxation of funding restrictions for developers will help support China’s growth momentum in Q4,” said Ken Cheung, chief Asian FX strategist at Mizuho Bank.

** Country Garden Services Holdings fell 5.8%, the biggest percentage drop on the Hang Seng Index, and the Hang Seng Mainland Properties Index declined 3.5%. (Reporting by Shanghai Newsroom, Editing by Ed Osmond)

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