Tencent, Alibaba Lead Hong Kong Stock Gains on Earnings Optimism While Rate Hike Keeps Banks, Developers in Focus

South China Morning Post2023-03-23

The HKMA lifted its base rate to a 15-year high, while commercial lenders like HSBC are expected to hold their prime rates, most analysts predictedTencent’s fourth-quarter earnings surpassed market ...

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Sigit waloyo
2023-03-24
Sigit waloyo
Nice
Ong CS
2023-03-23
Ong CS
Good sign ahead 👍

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Property developers advanced as local lenders are seen refraining from raising interest rates to support growth.The Hang Seng Index climbed 0.5 per cent to 19,707.12 as of 10.31am local time to claw its way up from a three-month low. The Tech Index gained 1.3 per cent while the Shanghai Composite Index added 0.2 per cent.Tencent jumped 5.18 per cent to HK$365.2 while Alibaba Group gained 1.45 per cent to HK$84.05. Sunny Optical advanced 2.9 per cent to HK$94.80 while chip maker SMIC rose 2.5 per cent to HK$18.84. Sun Hung Kai Properties added 0.8 per cent to HK$107 and Henderson Land rose 0.6 per cent to HK$26.85, leading gains among Hong Kong developers.Limiting gains, HSBC slipped 1.3 per cent to HK$52.80 while China Construction Bank retreated 0.2 per cent to HK$5.08.The Federal Reserve raised its key rate by a quarter point to a range of 4.75 per cent to 5 per cent overnight, while the Hong Kong Monetary Authority moved in lockstep to lift its base rate on Thursday to 5.25 per cent, a 15-year high. 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