Hong Kong Stocks Stall near 8-Month High as Traders Mull Cashing in on Bull Run

South China Morning Post05-07

Robust mainland Chinese tourism data for the Labour Day holiday period helped support sentimentThe benchmark Hang Seng Index has advanced for 10 consecutive trading days, the best winning streak since...

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The Tech Index declined 1.6 per cent.Gaming firm NetEase tumbled 2.7 per cent to HK$156.30, e-commerce giant Alibaba lost 2.45 per cent to HK$77.55 and rival JD.com declined 1.5 per cent to HK$125.60. Electric-car maker Li Auto weakened 2.3 per cent to HK$115.10.The city’s benchmark has advanced for 10 consecutive trading days, the best winning streak since a 14-day rally in 2018, as the accommodative policy stance that emerged from April’s Politburo meeting and the cheap valuations of local shares lured investors.The Hang Seng Index finished Monday at 18,578.30, the highest level since September 4. Its 14-day relative strength index has risen above 70, a threshold at which analysts deem stocks overbought and ripe for a correction.Meanwhile, robust tourism and mobility data for the five-day Labour Day holiday period suggests an economic rebalancing to consumption is continuing to play out. 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