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Hong Kong: Key share index snaps 7-day losing streak
[HONG KONG] Hong Kong's flagship Hang Seng index rose on Tuesday, breaking a seven-day losing streak, as investor sentiment improved amid a recovery in some regional markets.
But a key index tracking major Chinese companies listed in Hong Kong fell for the eighth straight day, dragged lower by a second day of panic-selling in mainland markets.
The Hang Seng index rose 0.7 per cent, to 21,404.96, while the China Enterprises Index lost 0.9 per cent, to 9,514.04 points.
Chinese stocks have lost nearly 20 per cent over the past two trading sessions, in a crash that has sent shockwaves across global markets, but some investors believe pessimism has been overly excessive in Hong Kong.
Although the slump in mainland shares is affecting their Hong Kong-listed peers, "we believe offshore markets have been unfairly punished during the recent period of volatility," wrote Helen Zhu, head of China Equities at asset manager BlackRock. "Valuations are attractive and at support levels." The rebound in the Hang Seng was led by tech stocks , but many other sectors, including property, materials and energy remained in negative territory.