Hong Kong stocks gain ahead of Easter break as traders digest geopolitical risk, China economic data
- The Hang Seng Index ended the holiday-shortened trading week 0.3 per cent lower
- Trading volume in Hong Kong fell 30 per cent below the 30-day average before the Easter holiday
The Hang Seng Index rose 0.3 per cent to 20,331.20 at the close, erasing a drop of as much as 0.9 per cent. The benchmark gauge lost 0.3 per cent in the holiday-shortened week. The Hang Seng Tech Index added 0.1 per cent and the Shanghai Composite Index lost was little changed. Both markets were closed on Wednesday.
Trading interest was muted before the Easter break, when the city’s markets will be closed on Friday and Monday. The turnover was almost 30 per cent below its 30-day average, according to Bloomberg data.
Alibaba Group Holding rallied 2.2 per cent to HK$97.75, Semiconductor Manufacturing International Corp rallied 7.7 per cent to HK$22.45 and Hong Kong Exchanges and Clearing gained 1.6 per cent to HK$348.60. On the flip side, e-commerce operator JD.com slid 3.1 per cent to HK$159, Baidu lost 2.7 per cent to HK$142.90 and Meituan slipped 0.1 per cent to HK$133.80.
“The economic data suggests that China’s economy continues to return to the pre-pandemic level, particularly the services industry,” said Shen Chao, a strategist at HSBC Jintrust Fund Management in Shanghai. “That will provide a friendly environment for equities and further drive up valuations.”