HK Stocks Close Mixed; HSTECH down 0.7%; Alibaba, BYD down 3%; Meituan, Tencent down 1%; MiniMax up 9%

Market Watcher03-05

Hong Kong stocks closed mixed on Thursday alongside other Asian markets from recent sell-offs triggered by surging oil prices, buoyed by robust economic data and the opening of China’s annual “two sessions” meeting.

The Hang Seng Index rose 0.3%, while the Hang Seng Tech Index fell 0.7%.

In terms of star stocks, Alibaba, BYD fell 3%; Meituan, Tencent fell 1%; MiniMax up 9%; Nio up 3%; XPeng, GigaDevice up 2%; Xiaomi up 1%.

Key data overnight from the US showed that the services industry expanded at the fastest pace since mid-2022, with employers adding more jobs than expected, while a price index dropped to a one-year low.

At the opening session of China’s National People’s Congress, policymakers set the gross domestic product (GDP) target for 2026 between 4.5 and 5 per cent, the lowest in decades.

Some analysts said the lower GDP target underscored a shift in priorities as policymakers pursued quality growth with emphasis on technological innovation and independence.

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