Hong Kong stocks hit 4-month high as Beijing’s support fuels more bets on tech rally
President Xi promises more protection for entrepreneurial interests and wider market access at a top-level meeting in Beijing
The Hang Seng Index climbed 1.6 per cent to 22,976.81 on Tuesday, a level not seen since October 7. The Tech Index surged 2.5 per cent. The CSI 300 Index, which tracks the biggest stocks listed in Shanghai and Shenzhen, and the Shanghai Composite Index both fell 0.9 per cent.
E-commerce leader Alibaba Group Holding jumped 3.4 per cent to HK$126.30 and WeChat operator Tencent Holdings added 2 per cent to HK$503.50. Smartphone maker Xiaomi rallied 7.2 per cent to HK$48.40, while short-video platform operator surged 9.6 per cent to HK$58.75.
Top lender HSBC gained 2 per cent to HK$87.20 before reporting its earnings on Wednesday. Geely Auto jumped 5.2 per cent to HK$17.76 after its major shareholder Zhejiang Geely teamed up with Renault to produce low-emission vehicles in Brazil.
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Chinese President Xi Jinping holds rare meeting with China’s tech leaders amid US tech rivalry