Hong Kong stocks poised for best quarter in 11 years as tech giants extend rebound from antitrust-induced losses
- Hang Seng Index rose for a second day, logging a 15.7 per cent gain so far this quarter; ChiNext reached a five-year high
- Alibaba, Tencent, Meituan and JD.com posted hefty gains, helping the Hang Seng Tech Index recoup all of the slump this week
The Hang Seng Index rose 2.2 per cent to 27,147.11. The benchmark has risen 15.7 per cent since September 30, the most since a 35.4 per cent surge in the second quarter of 2009, according to Bloomberg data.
The Shanghai Composite Index rose 1.1 per cent to 3,414.45, the biggest gain in almost two weeks and taking its advance this quarter to 6.1 per cent. The gauge has risen for a third straight quarter, the longest winning streak since March 2017. The tech-heavy ChiNext surged 3.1 per cent to 2,900.54, the highest level since November 2015.
Hong Kong’s stock market will close the year at half-day on December 31 while mainland bourses will operate normally on full-day basis.
In Wednesday trading, Alibaba rose 6.4 per cent to HK$236.20, while Tencent Holdings added 5.5 per cent to HK$559.50 and Meituan gained 5.3 per cent to HK$287.80. Chip maker Semiconductor Manufacturing International Corp soared 12 per cent to HK$20.40. Those gains helped the Hang Seng Tech Index recoup all of the slide earlier this week.
China’s biggest technology companies took a hit at the start of the week as Chinese regulators tightened its grips on the internet industry in its efforts to clamp down on antitrust and monopolistic practices.