By Hong Kong Newsroom
Nikkei Markets
HONG KONG (Dec 21) -- Hang Seng up 0.3% at 29,311.90, paced by advances in financial heavyweights. Index's move higher comes despite US shares ending lower for second day over. 10-year US borrowing cost climbs to highest since March, lifting global financials. Heavyweights HSBC and AIA Group add 0.9% and 0.6%. China Petroleum & Chemical (Sinopec) up 1.3%, leading rally in energy producers after Brent crude advances for third day overnight. Henderson Land Development down 1.6%, leading losses in HK property developers. Rising US bond yields raise concerns that HK interest rates could follow suit, hurting demand for housing. Tsingtao Brewery drops 4% after Japan's Asahi Group sells its entire stake in China's second largest brewer to Fosun International and others. Shares of Fosun International up 4.8%. "Intraday volatility and volumes will be on the lower side as participation is likely to be low ahead of the long weekend," First Shanghai Securities chief strategist Linus Yip says. "Keep an eye on the Hong Kong dollar, considering the soaring US yields." Hong Kong dollar lower by 0.1% against dollar at 7.8266, lowest in over two-months. Shanghai Composite down 0.4%, while onshore yuan up 0.1% at 6.5712 against dollar.
- By Hong Kong Newsroom; hkeditorial@nikkeinewsrise.com; +852 3960 5102
- Edited by Nimesh Vora
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