China Stock Market Insights: Hong Kong Stocks Rally Led by Alibaba and Tencent
China Stock Market Overview
Hong Kong stocks advanced, overcoming a jittery start to trading as investors bought back Chinese tech leaders including Alibaba Group and Tencent Holdings. The market was headed for a third week of rally, driven by bets on further stimulus from Beijing to revive growth.
Market Performance
- The Hang Seng Index added 0.9% to 22,303.15 at 10.15am local time, after losing as much as 1.3% in opening trades.
- The Tech Index climbed 1.4% amid optimism surrounding leading companies.
Key Stock Movements
- Alibaba Group Holding gained 1.5% to HK$111.70.
- JD.com appreciated 4.9% to HK$178.70.
- Tencent jumped 1.8% to HK$474.40.
- Property developer Longfor Group rose 2.2% to HK$17.36.
- China Resources Land added 1% to its trading value.
Analyst John Choi of Daiwa Securities noted, “Many investors wanted to see the effects of the policies to justify a long-term market turnaround.” The cumulative gain since China unleashed its policy measures on September 24 has restored US$3 trillion of market capitalisation to markets in Hong Kong, Shanghai, and Shenzhen.
Asian Market Trends
Most Asian markets traded higher on Friday, reflecting regional optimism:
- Australia’s S&P/ASX 200 Index gained 1.6%
- South Korea’s Kospi jumped 0.7%
- Japan’s Nikkei 225 Index remained relatively unchanged.
This article was prepared using information from open sources in accordance with the principles of Ethical Policy. The editorial team is not responsible for absolute accuracy, as it relies on data from the sources referenced.