Hong Kong Stocks: Best Month Since May Driven by Li Auto and BYD Gains
Stocks Surge in Hong Kong
Hong Kong stocks rose, logging another winning week after investors scooped up Chinese electric vehicle makers like iLi Auto and BYD following a recent sell-off. Regional markets also appreciated as sentiment improved on the back of positive US economic signs.
Hang Seng Index Performance
- The Hang Seng Index advanced 1.1 per cent to 17,985.73 at 9.55am local time.
- This brings the rally this week to a 1 per cent gain and 5.2 per cent for the month.
- The Tech Index jumped 2.2 per cent, while the Shanghai Composite Index added 1 per cent.
Key Gainers
- Li Auto: Led winners with a surge of 5 per cent to HK$76.80.
- Geely Auto gained 1.5 per cent to HK$8.76.
- Nio rallied 4.6 per cent to HK$31.75.
- Xpeng added 5.4 per cent to HK$31.
- BYD climbed 3.3 per cent to HK$235.00, boosted by analysts at UOB-Kay Hian raising its recommendation from sell to hold after a 33 per cent increase in earnings last quarter.
Positive US Economic Indicators
Economic data in the US indicated that output grew at a slightly stronger pace in the second quarter than initially reported. This reflects an upward revision to consumer spending and underpins optimism that the Federal Reserve may consider cutting its target rate in September amid rising recession concerns.
Regional Market Performance
- Japan’s Nikkei 225 added 0.5 per cent.
- South Korea’s Kospi gained 0.7 per cent.
- Australia’s S&P/ASX 200 rose 0.4 per cent.
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.