Hong Kong stocks gain, as Asia-Pacific stocks end mixed; Ping An Good Doctor, Ali Health soar
- Jefferies upgrades Chinese airlines listed in Hong Kong to ‘buy’
- US equity futures gain, boosting sentiment
Hong Kong stocks advanced Wednesday while other Asia benchmarks finished mixed, as US futures rose despite continued turmoil in the oil sector. Ping An Good Doctor and Alibaba Health Information and Technology soared.
Overnight, US equity markets tumbled on concerns about the world’s oil glut, even as the US Congress moved quickly on toward approval of a US$484 billion bill to help small businesses and hospitals, and a few states started on the path to loosening lockdown restrictions on citizens and businesses.
The coronavirus, which has now killed more than 177,000 people, has upended industries like airlines and hotel chains. But it also is boosting others, including those new economy stocks tied to the internet.
Ping An Good Doctor has soared 93 per cent in less than five weeks, while Ali Health has gained 70 per cent in just over four weeks.