Market Update: HSI ends week up 1.12% on tech, healthcare gains

The Hang Seng Index (HSI) closed the week up by 323.41 points or 1.12% at 29,078.75 amidst gains in tech and healthcare shares due to fears over COVID-19 resurgence.

Top performers for Friday were Alibaba Health Information Technology which rose by 5.31% or $23.8. This was followed by Meituan which jumped 4.93% or $306.4, and Wuxi Biologics (Cayman) with 4.36% or $115 in gains.

The Tech Index also increased 188.01 points or 2.27% at 8,467.75.

However, Asian stocks traded mixed after reports of US President Joe Biden proposing to raise taxes on capital gains.

Meanwhile, Wall Street indexes closed the week on a rise amidst a solid economic activity, brushing off the reports on capital gains tax hike.

S&P 500 climbed by 1.09% or 45.19 points to 4,180.17. The Dow Jones Industrial increased by 0.67% or 227.59 points to close at 34,043.49, whilst the NASDAQ jumped by 198.40 points or 1.44% at 14,016.81.

London's blue-chip index ended the week flat, with the FTSE 100 gaining merely 0.32 points or 0.01% to close at 6,938.56 despite the UK's positive economic data and as European markets continue to struggle.

The FTSE 250 also inched up 0.03% or 7.39 points to close at 22,372.26.