Hong Kong Stocks End Higher After Roller Coaster Week; TenNor Therapeutics Soars in Debut

MT Newswires Live05-22 16:42

Hong Kong stocks zigzagged between gains and losses over the past four sessions, but managed to end the tumultuous week in positive territory.

The Hang Seng Index rose by 219.51 points, or 0.9%, to end at 25,606.03, while the Hang Seng China Enterprises Index increased by 75.55 points, or 0.9%, to close at 8,550.87.

U.S. Secretary of State Marco Rubio said there had been "some good signs" in talks between Washington and Tehran, but both sides remained at odds over Iran's uranium stockpile and controls on the Strait of Hormuz, Reuters reported.

Meanwhile, analysts warned that the upcoming global initial public offering of Elon Musk's SpaceX could siphon off funds from the broader Asia-Pacific region, including Hong Kong, in preparation for subscriptions, the South China Morning Post reported.

The aerospace company is reportedly seeking $75 billion in what could be the world's largest IPO, topping Saudi Aramco's $29.4 billion offering in 2019.

In local development, Hong Kong's consumer inflation held steady at 1.7% year over year in April, unchanged from the previous month.

Hong Kong financial markets will be closed on Monday, May 25, for a local holiday and reopen on Tuesday, May 26.

In corporate news, Chinese biotech firm TenNor Therapeutics (HKG:6872) had a stellar debut in Hong Kong as its shares closed at HK$211, 179% higher than its IPO price of HK$75.70.

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