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. Both Alibaba and Tencent Holdings, the biggest constituents of the Hang Seng Index, have unveiled stock repurchases this year.“Corporate buy-backs are a rational choice for companies that see their share prices as undervalued,” said Yin Huiwei, an analyst at Mingsheng Securities. “Buy-backs are typically one of the signs that the market has hit bottom and it means this may be a good time for investors to return.”Alibaba’s shares also rose following comments by its two co-founders that sought to boost employee morale.Li Auto added 3.8 per cent to HK$126.5 and BYD rose 2.4 per cent to HK$212.20 after data from the industry association showed that sales of electric vehicles in China increased 30 per cent in March from a year ago.Zijin Mining Group climbed 6.4 per cent to HK$17.88 after gold prices set new highs fuelled by safe-haven buying. 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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