Hong Kong stocks jump on economic outlook while SF Reit sinks on trading debut
- Hang Seng Index rose on Monday after a three-week losing streak, with Meituan and Tencent pacing the advance
- Hong Kong’s high jobless rate will ease while the local Covid-19 pandemic situation is largely under control, finance minister says
The Hang Seng Index advanced 0.6 per cent to 28,194.09 at the close of Monday trading as the city’s finance minister said the local job market will improve while the pandemic is under control. The Shanghai Composite Index added 0.8 per cent to 3,517.62.
Food-delivery platform operator Meituan led gainers with a 4.2 per cent jump to HK$254.20, while Tencent Holdings added 3 per cent to HK$600.50, helping lift the Hang Seng Tech Index up by more than 2 per cent and up from the lowest level since October.
Carmaker Geely Auto rose 3.8 per cent to HK$18.24 while peer BYD climbed 6.3 per cent to HK$152.90. Great Wall Motors rose by more than 7 per cent in Hong Kong and Shanghai.
“Stocks in Hong Kong are tracking the rebound in the US, purchases of auto stocks jumped while investors already digested much of the news on antitrust in the technology industry,” said Francis Lun, chief executive officer at Geo Securities. “Many of them have lost half of their values, and many deserved to be purchased at this point.”