Hang Seng recoups US$128 billion of market value as Alibaba leads three-day advance on China easing bets
- Hang Seng Index logged the longest winning streak in three weeks as Chinese tech, property and casino stocks extend gains
- China’s factory-gate prices in mainland China slowed last month from a 26-year high in October, the statistics bureau said
The Hang Seng Index rose 1.1 per cent to 24,254.86 at the close on Thursday. The Tech Index rallied 2.2 per cent, while China’s Shanghai Composite Index added 1 per cent.
Alibaba Health Information Technology surged 6.4 per cent as the biggest gainer on the Hang Seng Index. Country Garden Holdings and Longfor Group appreciated at least 2.9 per cent, leading the pack among mainland Chinese developers.
The winning streak, the longest in three weeks, added back about US$128 billion of value to the Hang Seng Index’s 64 members. This week’s rebound also lifted the index’s price to book value to par, after trading at a discount over the past eight days, according to Bloomberg data.
“Measures such as ensuring energy supply and stabilising prices are working,” HSBC Jintrust Fund Management said in a note to clients. “Prices in some raw materials have dropped significantly. Looking ahead, we are cautiously positive on stocks.”