Hong Kong Stocks Rise as ETF Listings Boost Sentiment; Biolabs Falls 4%
MT Newswires Live09-28 16:51
Hong Kong stocks rose Monday as eight new ETFs began trading in the city, with asset managers looking to tap mainland insurance funds through the expanded Southbound Stock Connect.
The Hang Seng Index rose 132.42 points, or 0.5%, to close at 24,642.51, while the Hang Seng China Enterprises Index gained 51.06 points, or 0.6%, to 8,216.84.
Meanwhile, the Hang Seng TECH 100 Index fell 1.3% as mainland markets came under pressure from new U.S. restrictions on Chinese-made components used in AI data centers.
In company news, Nanjing Leads Biolabs' (HKG:9887) cancer treatment LBL-024 received orphan drug designation in Japan, adding to similar designations in the U.S. and Europe. Shares of the company fell more than 4%.
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