Hong Kong stocks climb as yuan strengthens and investors broaden focus beyond US
Hang Seng Index advances as investors shift focus, boosting Asian equities, with pharmaceutical and healthcare shares leading gainers
Hong Kong stocks rose on Tuesday as global investors broadened their focus beyond US markets, fuelling gains across Asian equities, while the yuan advanced to its strongest level against the US dollar since May 2023.
On the mainland, the CSI 300 Index and the Shanghai Composite Index similarly closed around 0.6 per cent down after surrendering early gains.
Chinese pharmaceutical and healthcare shares led the rally. WuXi AppTec, Asia’s largest provider of contract pharmaceutical research, climbed 8.3 per cent to HK$120. Wuxi Biologics rose 5.9 per cent to HK$39.78, while Alibaba Group advanced 3.6 per cent to HK$159.90.
Limiting the gains, Tingyi Cayman Islands Holding, which manufactures popular instant noodle Kang Shi Fu, fell 4.3 per cent to HK$11.91. Chinese property management firm China Resources Mixc Lifestyle Services lost 3.3 per cent to HK$44.90 and toymaker Pop Mart International dropped 2.9 per cent to HK$191.30.
“The Hong Kong market has been largely driven by moves in mainland A shares,” said Kenny Ng Lai-yin, a strategist at Everbright Securities International. “A rebound in some tech names such as Alibaba [Group Holding] has also lifted the index.”