Update | Tech rebound boosts Hong Kong stocks 1.4pc; Shanghai higher on strong Chinese trade data
Hang Seng ends at 30,402.81, after biggest daily percentage rise in a week. Chinese April exports increase 12.9pc in US dollar terms, while imports rise 21.5pc
Hong Kong stocks rose sharply on Tuesday, as technology shares, led by Tencent Holdings, tracked a strong rebound in US counterparts, while health care companies also attracted buyers as investors predicted MSCI’s upcoming inclusion of Chinese A shares to give a strong boost to selected sectors.
The Hang Seng Index advanced 1.4 per cent, or 408.55 points, to end at 30,402.81 – its biggest daily percentage rise in a week. Forty-seven of the 50 constituent stocks finished higher.
The tech sector posted a strong rally following recent heavy losses, after Apple showed strong momentum on Monday night leading the US market higher.
Tencent, the most heavily weighted constituent stock, jumped 2.8 per cent to HK$390.60, lifting the Hang Seng Index by 74 points. The Chinese internet giant is expected to unveil quarterly results next Wednesday.
Smartphone component manufacturers Sunny Optical Technology and AAC Technologies surged 4.9 per cent and 4.3 per cent, respectively, to HK$141.20 and HK$117.70.
“Apple’s rebound triggered broad gains in Hong Kong,” said Kenny Wen, wealth management strategist at Sun Hung Kai Financial.