Hong Kong stocks gain for second session, with tech index advancing on big surges by JD.com and Xiaomi
- JD.com shoots up 9.5 per cent after reporting net profit increased nearly 26-fold in second quarter, helping boost new tech board
- But Sunny Optical plunges 9.5 per cent on latest Trump move against Huawei
Hong Kong stocks advanced for a second session, as JD.com and Xiaomi soared, countering big losses by Huawei-linked shares as the US toughened curbs on the China tech giant and its supply ecosystem.
The Hong Kong benchmark spent the Tuesday session struggling for direction, but ended with a 0.1 per cent gain at 25,367.38. That was its fifth straight close above 25,000 points, an important threshold.
Asia markets were mixed. Japan’s Nikkei 225 dipped 0.2 per cent while South Korea’s Kospi slid 2.5 per cent. Australia’s S&P/ASX 200 rose 0.8 per cent.
In Hong Kong, the drama of the session centred on tech stocks.
Sunny Optical Technology, which supplies components to Huawei, plunged 9.5 per cent to H$134.20, as investors ran for the exits on both worse-than-expected net income in the first half of the year and tighter rules out of the US prohibiting any company from selling Huawei products made with US technology without permission.