Hong Kong Stocks Retreat; Top Numerical Control Rises as UISEE Slides in Debut

MT Newswires Live05-20 16:51

Hong Kong shares slid back into the red on Wednesday as investors tracked regional developments.

The Hang Seng Index fell by 146.73 points, or 0.6%, to end at 25,651.12, while the Hang Seng China Enterprises Index decreased by 34.83 points, or 0.4%, to close at 8,605.13.

Russian President Vladimir Putin is in China for a state visit to meet his counterpart Xi Jinping for talks on several issues, including energy exports via the long-delayed Power of Siberia 2 gas pipeline.

Putin invited Xi to visit Russia in 2027, saying that the ties between their two countries were at "an unprecedented level."

In local development, Hong Kong's seasonally adjusted unemployment rate stood at 3.7% for the February to April period, unchanged from January to March.

In corporate news, market debutants moved in opposite directions on their first day of trading.

Shanghai Top Numerical Control Technology (HKG:7688) had a stellar stock market debut as it closed at HK$47.50 per share, up 80% from its IPO price of HK$26.39.

In contrast, UISEE Technologies (HKG:1511) finished at HK$57.50 per share, down 5% from its listing price of HK$60.30.

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