Hong Kong stocks post one-month closing high as techs shine

* HK->Shanghai Connect daily quota used 1.4%, Shanghai->HK daily quota used 5.2%

* HSI +1.7%, HSCE +1.2%, CSI300 +0.8%

* FTSE China A50 +0.5%,

Aug 24 (Reuters) – Hong Kong stocks rose to a one-month closing high on Monday, led by tech firms as investors cheered Beijing’s continued efforts to foster tech strength.

** The Hang Seng index was up 437.74 points, or 1.74%, at 25,551.58, its best finish since July 21. The Hang Seng China Enterprises index rose 1.22% to 10,336.95.

** The Hang Seng IT sub-index jumped 5.2%, with bellwether Meituan Dianping advancing 8.4% to an all-time high on forecast-beating quarterly revenue.

** The newly-launched Hang Seng tech index also outperformed with a 2.3% gain.

** The gains were in line with tech strength on the mainland as investors cheered Beijing’s latest reforms to bolster its capital markets.

** Shares of 18 companies surged on their ChiNext debut, kicking off a historic reform that will see Shenzhen officially challenge Shanghai for tech listings, while adding fuel to a “technology war” with the United States.

** Based on Shanghai’s year-old STAR Market, the broadening IPO reform will help strengthen the appeal of China’s capital markets at a time when Chinese tech firms face growing U.S. scrutiny and risk of being delisted from U.S. markets.

** Real estate and consumer-related stocks posted strong gains recently as new coronavirus cases dropped in Hong Kong, raising hopes that lockdown restrictions could be eased soon, said Steven Leung, a Hong Kong-based executive director at UOB Kay Hian.

** The market also got a boost from a rally in index heavyweight Tencent, as it seems the U.S. sanctions on the tech giant could be confined only to the United States, Leung added.

** Tencent spiked 5.8% following a report of U.S. reassurances over WeChat ban.

** Around the region, MSCI’s Asia ex-Japan stock index was firmer by 1%, while Japan’s Nikkei index closed up 0.28%. (Reporting by the Shanghai Newsroom; Editing by Subhranshu Sahu)

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