Hong Kong stocks rose on optimism the first meeting in a year between President Xi Jinping and his counterpart Joe Biden will help ease geopolitical tensions and allow investors to focus on market fundamentals. Alibaba Group and JD.com advanced after reporting strong “Singles’ Day” online sales.
The Hang Seng Index added 0.3 per cent to 17,250.88 as of 10.35am local time, following last week’s 2.6 per cent decline to near an 11-month low. The Tech Index advanced 1.1 per cent, while the Shanghai Composite Index retreated 0.1 per cent.
Tencent added 0.5 per cent to HK$304.20, while NetEase jumped 1.1 per cent to HK$177.10 and Baidu surged 3.1 per cent to HK$104.40. Alibaba gained 0.5 per cent to HK$80 and JD.com added 0.1 per cent to HK$99.05, after the two e-commerce platform operators reported sales growth during this year’s weeks-long shopping festival ending November 11.
AllianzGI bullish on China due to Beijing’s focus on ‘high-quality growth’
AllianzGI bullish on China due to Beijing’s focus on ‘high-quality growth’
New World Developments gained 0.7 per cent to HK$14.64 and Hang Lung Properties jumped 1.2 per cent to HK$10.42, leading gains among Hong Kong developers. A US government report tomorrow may show inflation cooled last month, according to forecasts by economists, easing the pressure on the Federal Reserve to hike rates again this year.
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