Sportswear Firms Shine As HK Market Ends Higher

Hong Kong and most markets in the region edged up after a strong US jobs report helped lift the Dow to a record high overnight.

Local shares opened strong as the stock connect returned to action following a long Labour Day weekend on the mainland. The upward momentum lost steam later in the morning session before picking up again in the afternoon. At the end of the day, the Hang Seng Index finished 219 points or 0.8 percent higher, at 28,637.

Turnover was HK$161.1 billion.

Budweiser APAC was the top gainer on the benchmark. The brewer soared almost five percent after posting better-than-expected first quarter results.

Sportswear-related stocks also fared well, after Adidas reportedly launched an auction to sell its Reebok brand. Shares of Li Ning hit a record high before closing up 6.5 percent. Blue-chip Anta Sports surged 3.9 percent. Both mainland firms were said to be expected to put in bids for the international sporting goods brand.

But vaccine-related stocks were battered, after the White House gave its backing to calls for a temporary patent waiver for Covid vaccines. Sino Biopharmaceutical sank 5.8 percent. Shanghai Fosun Pharmaceutical dived 14.1 percent.

Markets across the border were weighed by geopolitical tensions upon their return from a long holiday. The Shanghai Composite Index slipped 0.2 percent, while the blue-chip CSI300 index gave up 1.2 percent. The Shenzhen Composite retreated one percent.

Around the region, Japan's Nikkei jumped 1.8 percent as it came back from a five-day holiday. The Kospi in Seoul rallied one percent. Taiwan added 0.9 percent, Singapore inched up 0.6 percent. But Australia was down 0.5 percent.