Hong Kong stocks end higher as tech heavyweights rebound
* HK->Shanghai Connect daily quota used 3.4%, Shanghai->HK daily quota used 5.1%
* HSI +1.1%, HSCE +0.9%, CSI300 +0.2%
* FTSE China A50 +0.2%
June 1 (Reuters) – Hong Kong stocks closed higher on Tuesday, supported by a bounce back in tech heavyweights, as investors hunted for bargains following sharp losses in May.
** At the close of trade, the Hang Seng index was up 316.20 points or 1.08% at 29,468.00. The Hang Seng China Enterprises index rose 0.93% to 10,990.75.
** Leading the gains, the Hang Seng tech index and the Hang Seng IT index climbed 2.5% and 3%, respectively.
** Kuaishou Technology ended up 9.2%, after a 26% slump in May, Meituan rebounded 6.5%, while Alibaba Group Holding Ltd gained 3.4% after losing 6.2% in May.
** Sentiment was also aided by continued inflows from mainland investors, who on Tuesday purchased net 6.4 billion yuan ($1.00 billion) worth of Hong Kong shares via the Stock Connect linking mainland and the city island, according to Refinitiv data.
** On the other hand, birth and fertility related stocks were mixed as investors continued to ponder the impact of Beijing’s major policy shift.
** Suzhou Basecare Medical Corp Ltd, Jinxin Fertility Group Ltd and Goodbaby International Holdings Ltd shed between 4.9% and 12.8%, while Aidigong Maternal & Child Health Ltd extended gains to end up 13.7%.
** Married Chinese couples may have up to three children, China announced on Monday, in a major shift from the existing limit of two after recent data showed a dramatic decline in births in the world’s most populous country.
** Around the region, MSCI’s Asia ex-Japan stock index was firmer by 0.58%, while Japan’s Nikkei index closed down 0.16%.
** The yuan was quoted at 6.3755 per U.S. dollar at 08:21 GMT, 0.07% weaker than the previous close of 6.371.
** At close, China’s A-shares were trading at a premium of 37.27% over Hong Kong-listed H-shares. ($1 = 6.3754 Chinese yuan renminbi) (Reporting by Luoyan Liu and Andrew Galbraith; Editing by Rashmi Aich)