Hong Kong Stocks Rebound; Meituan Soars 13% after More than Doubling Q2 Profit

MT Newswires Live08-29

Hong Kong stocks rebounded on Thursday, ending the day in green as investors remain optimistic amid upbeat earnings of Hong Kong companies, despite an overnight drop in Nvidia's stocks after it posted its second quarter earnings figures.

The Hang Seng Index added 0.53%, or 93.87 points, to finish Thursday's trade at 17,786.32. The Hang Seng China Enterprises Index rose 0.34%, or 21.14 points, to 6,247.13.

Meituan (HKG:3690) led the rally after it more than doubled its second quarter profit to 11.4 billion yuan, leading to a 13% surge in shares. The food delivery service provider also launched a $1 billion buyback program the same day.

China Mengniu Dairy (HKG:2319) also rose 10% after it shared its intention to repurchase up to HK$2 billion of shares from the Hong Kong bourse on Thursday.

Traders in Hong Kong also remain optimistic as they await US rate cuts expected to take place next month.

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