Hong Kong Stocks Rise to Four-Week Highs as Corporate Buy-Backs Lift Investor Sentiment

South China Morning Post04-10

Investors say growing number of corporate buy-backs are signs that suggest the market is nearing a bottomStocks of EV makers, including Li Auto and BYD advanced, after data from the industry ...

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The Hang Seng Tech Index gained 2.5 per cent.Hang Seng Bank rallied 5.4 per cent to HK$99.1 after unveiling a share buy-back programme worth HK$3 billion (US$383.1 million). E-commerce behemoth Alibaba Group Holding gained 5 per cent to HK$74 and rivals JD.com rose 5 per cent to HK$106.70. 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NetEase added 2 per cent to HK$160.60 after sources said the online game operator is expected to strike a deal with Blizzard Entertainment for redistributions of new titles in China.The overall market sentiment has improved as US-China tensions ebbed following US Treasury Secretary Janet Yellen’s visit to China this week, stoking hopes buying interest could return after a four-year decline. The stock benchmark is priced at 6 times historical earnings, the lowest among major global markets, according to Bloomberg data.Other major Asian markets were broadly weaker. 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