Hong Kong stocks snapped a two-day losing streak, with JD.com leading a tech rebound after a sell-off, while Xiaomi and AIA jumped after posting stellar earnings.
The Hang Seng Index added 0.2 per cent to 17,437.56 as of 11.20am local time, after gaining as much as 0.8 per cent earlier in the session. The Tech Index jumped 0.5 per cent and the Shanghai Composite Index was little changed.
Xiaomi jumped 7.2 per cent to HK$18.78, the biggest winner among the 82 blue chip index members, after it reported a 32 per cent jump in second-quarter revenue to 88.9 billion yuan (US$12.4 billion) on strong smartphone sales and electric vehicle deliveries. Insurer AIA advanced 4 per cent to HK$53.45 after its first-half profit surged 53 per cent amid mainlanders’ policy-buying spree.
JD.com rallied 1.2 per cent to HK$103.60 to recoup some of the losses on Wednesday triggered by Walmart’s stake sale plan. Tencent added 0.1 per cent to HK$372 and Baidu jumped 1.4 per cent to HK$86.20.
Sentiment got a lift after the latest meeting of the US Federal Reserve cleared doubts about a rate cut next month. The “vast majority” of US central bank officials said it would likely be appropriate to ease policy at the next meeting if the economic data continued to come in about as expected, according to the
minutes of the Fed’s July 30-31 meeting.
Limiting gains, WuXi Biologics sank 7.6 per cent to HK$10.50 after posting a 24 per cent slump in first-half profit to 1.8 billion yuan, while sister company WuXi Apptech lost 2.5 per cent to HK$31.20. Mainland developer Longfor lost 4.9 per cent to HK$8.57 and China Resources Land shed 2 per cent to HK$21.55, after distressed peer Kaisa said losses deepened for the first half amid an ongoing property downturn.
Henderson Land lost as much as 1.6 per cent to HK$21.30 after earnings halved amid a downbeat Hong Kong property and retail markets.
“The momentum in the local market might be slightly subdued this week without major changes in fundamentals, while volatility is expected to persist during the earnings season,” said Kenny Ng, a strategist at Everbright Securities International. The low trading volume could further dampen market momentum, he added.
Other key Asian markets were mixed on Thursday. Japan’s Nikkei 225 Index jumped 0.6 per cent and Australia’s S&P/ASX 200 gained 0.3 per cent. South Korea’s Kospi lost 0.3 per cent,
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