Alibaba and NIO Rebound: Hong Kong Stocks Jump As Big Earnings From BYD, Ping An Boost Confidence

South China Morning Post2023-04-28

BYD, Ping An and China Life Insurance reported improved earnings, giving the market a shot in the arm amid recent concerns about recovery outlookFive of China’s biggest banks are due to report later ...

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miker9110
2023-04-28
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Photo: ReutersHong Kong stocks rose for a third day after a surge in earnings from some of China’s biggest companies bolstered confidence in the nation’s economic recovery outlook. Ping An Insurance, Alibaba Group and HSBC led the charge.The Hang Seng Index gained 0.8 per cent to 19995.56 at 11.08am local time, looking to end above the 20,000-level for the first time this week. The Tech Index advanced 1.6 per cent while the Shanghai Composite Index added 0.6 per cent. China’s markets will close for a holiday on Monday.Ping An jumped 1.8 per cent to HK$57.20 while Alibaba strengthened 1.1 per cent to HK$82.70 and HSBC climbed 0.4 per cent to HK$56.50. 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