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The Hong Kong stock market benchmark, the Hang Seng Index (HSI), hit a fresh one-month record after adding 265.06 points, or 0.98%, to close at 27,352.69. Here’s a look at three shares that got one over on the index by outperforming it on Friday.
Shares in Macau gaming company Sands China Ltd (SEHK: 1928) rose 1.3% to end Friday at HK$38.90, a record not seen since the end of July 2019. Sands China has the biggest collection of integrated resorts in Macau.
At a media conference in Beijing on Thursday, Macau’s next Chief Executive, Ho Iat Seng, gave assurances that the territory would protect the future of its gaming and tourism industries.
When asked about the upcoming expiration of Macau’s six gaming concessions and sub-concessions in June 2022, Ho said that a draft is already in place and it will be refined and amended once the new administration takes over in December.
Galaxy Entertainment Group Limited (SEHK: 27) was also buoyed by the news. The company’s shares added 1.3% to HK$54. To know more about Sands China and Galaxy Entertainment, and what the future holds for these two casino stocks, you can head here.
Another big gainer for the day was Hong Kong Exchanges and Clearing Limited (SEHK: 388), also known as HKEX, as its shares rose 1.4% to HK$240.80. On Wednesday, the Hong Kong stock exchange surprised the market by proposing a £29.6 billion (US$36.8 billion) takeover bid for the London Stock Exchange Group.
In a statement, Charles Li, HKEX’s CEO, explained the merits of a joint entity:
“Bringing HKEX and LSEG together will redefine global capital markets for decades to come. Both businesses have great brands, financial strength and proven growth track records. Together, we will connect East and West, be more diversified and we will be able to offer customers greater innovation, risk management and trading opportunities. A combined group will be strongly placed to benefit from the dynamic and evolving macroeconomic landscape, whilst enhancing the long-term resilience and relevance of London and Hong Kong as global financial centres.”
Whether or not the deal goes through, there are plenty of merits to HKEX’s business, including a growing dividend base. You can jump in here to find out more about the stock exchange operator.
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The information provided is for general information purposes only and is not intended to be personalised investment or financial advice. Motley Fool Hong Kong contributor Sudhan P doesn’t own shares in any companies mentioned.