Hong Kong stocks rose as investors shrugged off economic slowdown concerns to scout for bargains amid record-low valuations. The Hang Seng Index added 0.6 per cent to 26,028.29 at the close while the tech benchmark jumped 1.3 per cent to a three-week high with Bilibili and NetEase leading the rally with a 6 per cent advance. China’s Shanghai Composite Index gained 0.7 per cent. Dip buyers have been loading up on Chinese technology stocks as sentiment and fundamental yardsticks hit new lows. The 30 companies in the Hang Seng Tech Index traded at an average price-earnings of 15.1 times on August 20 after months of sell-off, according to Bloomberg data, a record low. “It is still premature to say that the market has bottomed while policy uncertainty remains one of the largest headlines for offshore Chinese equities,” analysts led by Wang Hanfeng at China International Capital Corp wrote in a note to clients. The market has priced in much of the recent negative factors and an incremental improvement in those concerns could trigger a decent rebound, it added. Still, mainland investors sold HK$116.3 million (US$15 million) worth of Hong Kong stocks through the Stock Connect link for a sixth straight day of net outflows on Wednesday, stock exchange data showed. underscoring concerns over regulatory backlash. Mainland investors were net buyers of HK$5.8 billion worth of Tencent stock in August. China’s antitrust regulator on Tuesday issued a draft rule spelling out stiffer punishments on e-commerce platform operators for failing to protect intellectual property rights, such as selling fake or imitation goods. That followed new rules limiting the time spent by children on online games. Government reports this week also showed China’s economic growth is fast losing its momentum as factory production and services activity moderated and trailed the consensus estimates. That may prompt authorities to take their feet off policy tightening levers. Corporate results are also boosting the risk appetite. Some 55 of Hang Seng Index members have published their interim results showing an average 39 per cent jump in earnings from a year earlier, according to Bloomberg data. That exceeds analysts’ estimates by 4.2 per cent. Ping An Insurance rose 2 per cent to HK$61.60 after the insurer said it was compliant on its property investments following media reports about a stock exchange inquiry. Its Shanghai-traded shares climbed 3.2 per cent to 51.49 yuan. China Evergrande Group dropped 3.2 per cent to HK$4.22 after the world’s most indebted property developer warned of a possible default and litigations amid a liquidity crunch. Chan Hoi Wan, a key shareholder, sold 6.3 million shares on August 26 at an average price of HK$4.477 each. Two stocks posted strong gains on their market debut. Yoantion Industrial, a maker of textile machines, surged 211 per cent from its initial public offering price to 36.88 yuan in Shenzhen. Chip maker Macmic Science and Technology jumped 180 per cent to 76.90 yuan in Shanghai.