Hong Kong Stocks End Week Higher as Tech Counters Rally

MT Newswires Live10-04

Hong Kong stocks gained on Friday, recovering from a brief setback in the previous session, as investors remain hopeful for more stimulus measures from China.

The Hang Seng Index surged 2.82%, or 623.36 points, to finish the week's trade at 22,736.87. The Hang Seng China Enterprises Index added 3.06%, or 242.34 points, to 8,156.5.

The rally in the local equities market was led by tech companies, with e-commerce firms Alibaba (HKG:9988) and JD.com (HKG:9618) gaining 5% and 7%, respectively.

Shares of Tencent Holdings (HKG:0700) also surged 3%, while those of Trip.com Group (HKG:9961) jumped 8%.

In corporate news, WuXi Biologics (Cayman) (HKG:2269) surged 15%, with affiliate WuXi AppTech (HKG:2359, SHA:603259) soaring 12% amid news of the firms looking to sell certain operations in the backdrop of restrictions by the US.

The Chinese biotech companies are offloading the cell and gene therapy manufacturing unit WuXi Advanced Therapies, the Financial Times reported, citing anonymous sources.

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