Hong Kong Stocks Advance; Befar Falls, Nexchip Semiconductor Closes Flat on Debut

Hong Kong stocks closed higher Friday as investors shrugged off renewed U.S.-Iran hostilities, while another strong rally in chip stocks lifted technology shares. The Hang Seng Index rose 0.6%, or 144.94 points, to close at 24,175.12, while the Hang Seng China Enterprises Index gained 0.5%, or 41.90 points, to finish at 8,039.19. Investors largely looked past the latest exchange of attacks between the United States and Iran, despite further straining the fragile ceasefire reached last month. Meanwhile, the European Commission imposed anti-dumping duties ranging from 4.3% to 45.3% on imports of Chinese tyres for cars, light trucks and buses. Technology shares also found support as investors turned their attention to SK Hynix's U.S. market debut after the South Korean chipmaker raised about $26.5 billion in the world's second-largest share sale, behind SpaceX's record-breaking offering last month. In corporate news, two companies made their debut on the Hong Kong bourse, extending the recent wave of new listings. Befar Group (HKG:6745, SHA:601678) ended the session nearly 19% lower at HK$2.83, versus its offer price of HK$3.48. Nexchip Semiconductor (HKG:2249, SHA:688249).