Here are Hong Kong's top-performing stocks of 2021 so far — and none of them are tech names

Published Wed, Mar 31 20219:57 PM EDT

Major markets in Asia have seen turbulence in recent weeks after surging earlier this year — among them is Hong Kong. The Hang Seng index (HSI) slipped into correction territory last week, falling more than 10% from its 52-week high in February. Still, the index gained 4.21% in the first quarter. CNBC took a look at the stocks with the biggest gains on the Hang Seng this year — none of them are technology names, and one is up more than 30%. Here are the top five constituents of the Hang Seng index as of Wednesday's market close, according to data provider Refinitiv Eikon. Top performers CITIC : +34.06% Investment holding company that provides financial services Bank of Communications : +20.73% Engaged in banking and related financial services. Techtronic Industries : +20.25% Company that sells power equipment and floor care products. China Overseas Land and Investment : +19.81%. Property developer that also manages residential and commercial real estate. China Petroleum & Chemical Corporation : +19.31% A China-based energy and chemical company that explores, develops and distributes crude oil and natural gas. The top-performing firms are largely so-called "old economy stocks" in sectors such as financial services, real estate and energy. Absence of tech stocks Notably, there were no technology stocks — a high flying sector in 2020 and an increasingly important component of the HSI. In fact, no tech firms are among the top 10 performing constituents of the index, which included CK Asset Holdings , CSPC Pharmaceutical Group , Sun Hung Kai Properties , China Resources Land and PetroChina . The best-performing tech stock year-to-date is Chinese tech conglomerate Tencent , which has risen about 8.16% year-to-date. Others, such as e-commerce giant Alibaba and smartphone maker Xiaomi , are in negative territory for the year. Rising bond yields may be one of the reasons for the relatively poorer performance of tech stocks, which thrived last year in an environment flushed with cash, as central banks around the world took unprecedented measures to lower interest rates and keep financial markets afloat. Rising yields hurt growth stocks — of which many are technology stocks —as they reduce the relative value of future earnings. Shares of China's dual-listed tech giants such as Alibaba were also recently hit by threats of potential de-listing from U.S. stock exchanges , adding on to concerns over a domestic regulatory crackdown on the wider sector .

A person wearing a protective mask walks past signage for Hong Kong Exchanges & Clearing Ltd. (HKEX) displayed at the Exchange Square complex in Hong Kong, China, on Wednesday, Aug. 19, 2020.

Roy Liu | Bloomberg via Getty Images

Major markets in Asia have seen turbulence in recent weeks after surging earlier this year — among them is Hong Kong.

The Hang Seng index (HSI) slipped into correction territory last week, falling more than 10% from its 52-week high in February. Still, the index gained 4.21% in the first quarter.