Hong Kong stocks rise to 4-week high as Tencent, NetEase extend rebound, BYD leads EV makers as foreign funds return
- Hong Kong’s stock benchmark rose to a four-week high as Tencent, NetEase continued their recovery from Friday’s steep losses
- Foreign funds returned to onshore markets on Thursday, scooping up the most A shares since July via the Stock Connect links
The Hang Seng Index jumped 2.5 per cent to 17,043.53 on Thursday, adding to the 1.7 per cent rebound on Wednesday. The Tech Index surged 3.4 per cent, while the Shanghai Composite Index added 1.4 per cent.
Tencent rose 3.3 per cent to HK$294.40, while NetEase rallied 4 per cent to HK$141.90, both continuing to claw back steep losses on Friday. Meituan gained 5.6 per cent to HK$82.65 and JD.com gained 5.4 per cent to HK$113.
Elsewhere, EV maker BYD advanced 4.5 per cent to HK$214.40, Li Auto strengthened 5.6 per cent to HK$144.50 and Geely Auto climbed 6.3 per cent to HK$8.42.
The city’s stock benchmark has risen 4.3 per cent this week amid thin transactions, overturning all of the losses in December. Still, the index’s 14 per cent drop this year be a fourth straight annual slide, the worst since inception. Before today’s rally, some US$608 billion of market value has been wiped out this year across the local stock exchange.
