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Shares of BYD, Xpeng soared on higher January electric car sales, advancing Hong Kong’s key index on first trading day in the Year of the Tiger
- Shares soared as trading resumed on Friday, amid signs the global sell-off in tech stocks may be easing
- A slowing Chinese economy bolstered hopes that further policy easing is round the corner
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Hong Kong’s stocks soared on the first trading day in the Year of the Tiger, led by gains among EV makers after a bumper sales month in January, while technology stocks advanced amid signs the global sell-off is easing.
The Hang Seng Index rose 3.2 per cent to close at 24,573.29, marking the biggest daily percentage gain in two weeks, while the Tech Index jumped by 3.1 per cent. Stock markets in Shanghai and Shenzhen remained shut to mark the Lunar New Year holiday.
Alibaba Group Holding, the owner of this newspaper, led Friday’s gains, jumping 5.6 per cent to a two-week high of HK$120.40. Food delivery platform Meituan added 3.3 per cent, Tencent rose 1.5 per cent, while JD.com and NetEase advanced by at least 1.8 per cent each.
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“In January, Hong Kong stocks proved to be resilient against declines and the outlook should not be pessimistic,” said Wang Xueheng, an analyst at Guosen Securities, in a strategy report published on Thursday.
Chinese tech stocks caught up with their US-listed peers, after the Nasdaq Golden Dragon China Index gained at least 5 per cent since Hong Kong markets last traded on Monday.
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