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Hong Kong stocks end higher as Xi’s Chinese speech lifts tech stocks




* HSI + 0.1%, HSCE -0.43%

* Tencent hits record high after Xis comments

* Dark Evergrande on Lean Stock Sale

BEIJING, Oct. 14 (Reuters) – Hong Kong stocks recovered lost ground to close higher on Wednesday, as tech stocks climbed after Chinese President Xi Jinpings’ speech in Shenzhen focused on rights ownership and protection of entrepreneurs, raising risk appetite.

** At the close of trade, the Hang Seng Index was up 17.41 points or 0.07% to 24,667.09. The Hang Seng China Enterprises Index rose 0.43% to 9,920.77. ** Hang Seng’s tracking energy equity sub-index fell 2.8%, while the IT sector rose 1.91%, the financial sector ended down 0.27%, and the industry real estate fell 0.96%.

** Heavyweight stock Tencent Holdings Ltd, a tech giant based in Shenzhen, hit an all-time high and closed up 3.1% after Xis’ speech.

** Shenzhen will strengthen property rights and protection for entrepreneurs, Xi said Wednesday in a speech on the occasion of the establishment of the country’s first economic zone in the southern city four decades earlier, promising that the city ​​government will have more leeway to continue reforms. ** Shares of China Evergrande group fell 17% after the nation’s most indebted real estate developer slashed its share sale to consolidate its balance sheet below the government’s new debt-to-equity ratio ceilings.

** The main Shanghai Composite Index of China closed down 0.56% at 3,340.78 points, while the blue chip CSI300 closed down 0.66%. ** In the region, the MSCI Asia ex-Japan stock index was firmer by 0.1%, while the Japanese Nikkei index closed up 0.11%. ** The yuan was traded at 6.7409 to the US dollar at 8:14 a.m. GMT, 0.06% firmer than the previous close of 6.745. (Report by Zhang Yan in Beijing and Andrew Galbraith in Shanghai, edited by Sherry Jacob-Phillips)

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