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Hong Kong shares track overnight Wall Street gains, material, tech stocks shine

Hong Kong shares ended higher on Wednesday, led by material and tech stocks, following overnight Wall Street gains after data showed U.S. inflation was not rising wildly as the economy reopens.

Hong Kong shares track overnight Wall Street gains, material, tech stocks shine
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At the close of trade, the Hang Seng index was up 403.58 points or 1.42% at 28,900.83. The Hang Seng China Enterprises index rose 1.37% to 10,999.3. ** The sub-index of the Hang Seng tracking IT sector rose 2.47%, materials ended 4.29% higher and the property sector gained 1.56%. ** Global stock markets on Wednesday rose to a record high as bond yields eased after data showed U.S. inflation was not rising wildly as the economy reopens. ** The U.S. consumer price index rose 0.6%, the biggest increase since August 2012, data showed, as rising vaccinations and fiscal stimulus unleashed pent-up demand. ** Investors also cheered tech stocks in Hong Kong, as a dozen internet platform companies, including JD.com and Baidu Inc, pledged to avoid anti-competitive behaviours, clearing previous market uncertainties. ** This is the first batch of the 34 companies including Tencent that were ordered by China's market regulator to conduct self-inspections for illegal business behaviours on Tuesday, warning of "severe punishment" for any that still violated the rules. ** Hong Kong-listed JD.com rose 2.55% to HK$306, recording its best session since April 1. ** The top gainers among H-shares were NetEase Inc up 5.69%, followed by Geely Automobile Holdings Ltd, gaining 4.99% and CSPC Pharmaceutical Group Ltd, up by 4.66%. ** China's main Shanghai Composite index closed up 0.6% at 3,416.72 points, while the blue-chip CSI300 index ended up 0.83%. ** Around the region, MSCI's Asia ex-Japan stock index was firmer by 0.96%, while Japan's Nikkei index closed down 0.44%.

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