Hong Kong Stocks Rally to End Week in Green; EV Makers Lead Gains

MT Newswires Live08-30

Hong Kong stocks rallied on Friday to maintain their winning streak and end the week in green, with electric vehicle companies leading the rally.

The Hang Seng Index rose 1.14%, or 202.75 points, to finish Friday's trade at 17,989.07. The Hang Seng China Enterprises Index added 1.34%, or 84.01 points, to close at 6,331.14.

EV makers XPeng (HKG:9868) and Li Auto (HKG:2015) rose around 8% on Friday's close, while Nio's (HKG:9866, SGX:NIO) Hong Kong-listed shares closed nearly 11% higher, to lead the gains in the market.

Investors also remain optimistic about the future of the stock market in anticipation of US rate cuts next month.

Stocks of several companies also rose after they posted positive earnings for the six months ended June 30.

BYD (SHE:002594, HKG:1211) soared 6% after it posted a substantial rise in profit for the first half of 2024 to 13.63 billion yuan.

New China Life Insurance's (HKG:1336, SHA:601336) shares also saw a 7% hike after an 11% boost in attributable profit to 11.1 billion yuan in the first half.

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