Hong Kong shares on a five-day winning streak
09:20, 15 November 2021
Hong Kong shares closed higher for a fifth straight day on Monday as gains in tech and banking stocks overpowered losses in property firms.
Benchmark Hang Seng index rose about 0.3% to 25,390.91 points. The index had gained 1.8% last week.
Real estate stocks down
Banking stocks were trading in the green on Monday with Hang Seng Bank among the top 10 best performers.
Meanwhile, Hang Seng Mainland Properties Index dropped 3.5% in anticipation of the shift of consumer savings away from the property to equity markets.
“Ultimately, financial disintermediation works in favour of the mainland brokers and wealth management companies. The latter, we believe, will take share away from real estate,” said Jefferies following the debut of the Beijing Stock Exchange.
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Japan extends gains
Elsewhere, Japan's Nikkei 225 index set a three-day winning streak by closing 0.6% higher on Monday despite the nation’s poor economic growth during the third quarter of 2021.
Data showed gross domestic product in Japan shrunk by 3% year-on-year in the third quarter of 2021 despite hurt by supply chain disruptions and the resurgent of Covid-19 cases.
Aussie shares up
In Australia, benchmark S&P/ASX 200 index gained 0.4% to 7,470 on Monday.
Tech stocks were the top boost on the benchmark with S&P/ASX All Technology sub-index increasing 1.1% on Monday.
A report from asset management firm Janus Henderson showed Australian firms posted world-leading dividend payout growth in 2021.