Hong Kong stocks log third weekly advance as Geely, BYD surge on robust electric-vehicle sales
- Carmakers lifted benchmark index to a one-month high on robust electric-vehicle sales in China
- A report on Monday will probably show China’s economy grew 5 per cent last quarter on annual basis, versus 7.9 per cent in second quarter
The Hang Seng Index climbed 1.5 per cent to 25,330.96 at the close on Friday, the highest level since September 14, bringing the advance this week to 2 per cent. Local financial markets were shut for two days this week because of typhoon Kompasu warnings and a public holiday.
The Hang Seng Tech Index appreciated 1.8 per cent for the week, while the Shanghai Composite narrowed its decline to 0.6 per cent, after the nation kept its market-based loan prime rate unchanged for 18 consecutive months in September.
Geely Automobile and BYD soared after data showed that sales of new-energy vehicles in China more than doubled in September. Property developers dropped on lingering concerns about the fallout from China Evergrande Group’s debt crisis.
Geely jumped 8 per cent to HK$24.40 for its biggest gain since January, while Warren Buffett-backed BYD rallied 7.6 per cent to HK$273. EV sales in China surged 185 per cent to a record last month from a year ago, according to the data from the industry association.