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Hong Kong stocks end lower on profit taking in technology and materials
News Highlights: Hong Kong stocks end lower on profit taking in technology and materials HK-> Shanghai Connect daily quota uses 0.4%, Shanghai-> HK daily quota uses 20.4% HSI -0.3%, HSCE -0.4%, CSI300 + 0.3% FTSE China A50 -0.1%
BEIJING, Jan. 27 (Reuters) – Hong Kong shares closed lower on Wednesday as investors sold technology and materials stocks after a recent strong rally. At the end of trading, the Hang Seng index fell 93.73 points or 0.32% to 29,297.53. The Hang Seng China Enterprises Index fell 0.38% to 11,651.24. The stock sub-index of Hang Seng tracking technology fell 1.51% after hitting a record high on Monday, while the materials sector was down 2.1%. There has been a correction after the recent strong gains as mainland investors bought an average of billions of Hong Kong dollars a day through the Stock Connect linking the mainland and Hong Kong during the latest sessions, st
Hong Kong stock market finished session lower on Wednesday, 27 January 2021, extending the previous day s steep losses, as market participants awaited the outcome of a U. S. Federal Reserve policy meeting later in the day. However, market losses capped after the China s National Bureau of Statistics (NBS) data showed profits at China s industrial firms grew for the eighth straight month in December.
At closing bell, the benchmark Hang Seng Index declined 0.32%, or 93.73 points, to 29,297.53.
The Hang Seng China Enterprises Index dropped 0.38%, or 44.19 points, to 11,651.24.
Market players are cautiously watching whether the Fed will dial back or continue with a quantitative easing program that has supported the stock market
Xiaomi launches latest entry-level King: Redmi 9T in Nigeria Market
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The world’s third-largest smartphone brand Xiaomi today announced Redmi 9T in Nigeria market, the new king of entry-level. Redmi 9T was designed to deliver the exceptional performance and multi-day battery life that users crave without compromising on photography capabilities and overall design.
According to Mr. Somoye Habeeb, the Marketing Director Xiaomi Nigeria, Redmi 9T is a photography powerhouse with its 48MP AI quad rear-camera. The device’s 8MP ultra-wide angle camera accommodates large group photos and wide landscape shots without cropping, while its 2MP macro lens and 2MP depth sensor enable stunning close-up shots with professional-level bokeh.
Tencent Shares Tumble After Approaching $1 Trillion Valuation
Bloomberg 1/26/2021 Sofia Horta e Costa
(Bloomberg) Tencent Holdings Ltd. slumped after a world-beating surge in the stock pushed its market value to the cusp of $1 trillion for the first time.
The Chinese Internet behemoth lost 6.3% in Hong Kong on Tuesday, putting its market capitalization below $890 billion. Traders took profit after Monday’s 11% rally, which was Tencent’s biggest in almost a decade. Adding to the caution were comments by an adviser to China’s central bank at a conference, reported by local media, indicating that excessive liquidity was creating asset bubbles.
Thousands of bullish Tencent options lost almost all their value, after some surged as much as 118,300% on Monday. The frenzy in derivatives trading pushed the cost of one-month Tencent options to the highest since March 2014 relative to those tracking the Hong Kong benchmark, according to data compiled by Bloomber