Tech bulls lift JD.com, Alibaba as Hang Seng Index retakes 20,000 level before more China support measures

Tech and property stocks led Monday’s charge as the Hang Seng Index recorded a 5.1 per cent gain for the month

Beijing unveiled more measures to spur consumer spending on Monday, according to official statements

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An electronic board shows Shanghai and Shenzhen stock indexes at the Lujiazui financial district in Shanghai in November 2022. Photo: Reuters

Published: 10:26am, 31 Jul 2023Updated: 5:08pm, 31 Jul 2023

Hong Kong stocks gained, lifting the market to near a three-month high as tech leaders surged amid further signs of state support. A government report showed manufacturing in China stabilised in July while traders await more measures from Beijing to spur consumer spending.

The Hang Seng Index jumped 0.8 per cent to 20,078.94 at the close of Monday trading, the highest level since May 8. The Tech Index surged 1.9 per cent, while the Shanghai Composite Index climbed 0.5 per cent.

JD.com soared 4.2 per cent to HK$159.80, while Alibaba Group jumped 1.7 per cent to HK$97.50. Tencent surged 1.1 per cent to HK$356.60, and NetEase gained 0.6 per cent to HK$169.50. EV maker BYD advanced 1.6 per cent to HK$275.60, while Geely jumped 2.9 per cent to HK$11.26.

Limiting gains, Country Garden crashed 6.5 per cent to HK$1.58 after the company said it expects to post a loss for the first half due to erosion in profit margin and higher impairment provisions. Peer Longfor erased an earlier gain of as much as 15.1 per cent to close 1 per cent higher at HK$20.75.

The Hang Seng Index capped another winning month in July with a 5.1 per cent gain. Investors ploughed more money back into the market after China pledged to support the private sector and stem a slide in its economic growth.