Hong Kong Stocks Set for Weekly Gain As Alibaba, HSBC Jump on China Data While New World Surges on Cash Boost

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Hong Kong Stocks Set for Weekly Gain As Alibaba, HSBC Jump on China Data While New World Surges on Cash Boost

South China Morning Post2023-11-03

Hong Kong stocks climbed to lift the market into a second weekly advance after a private report showed services activity in mainland China expanded last month, compensating for a slide in factory ...

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BoonHuat
·2023-11-03
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The Tech Index rose 1.2 percent while the Shanghai Composite Index added 0.6 percent.</p><p style=\"text-align: start;\">Tencent jumped 1.3 percent to HK$292.20, Alibaba Group gained 0.9 percent to HK$81.25 and e-commerce peer JD.com strengthened 1 percent to HK$100.40. Sun Hung Kai Properties rallied 2 percent to HK$84.25 and Henderson Land advanced 2.3 percent to HK$22, leading gains among local developers.</p><p style=\"text-align: start;\">This week’s upturn helped stem losses over the preceding three months, allowing the benchmark stock index to rebound 0.4 percent from an 11-month low. Policy support, in the form of property easing measures and interest-rate pause, lifted confidence among stock investors, with mainland funds making HK$7.4 billion (US$946 million) of net purchases since last Friday.</p><p>China’s services activity expanded marginally last month, with the Caixin China PMI Services Index rising to 50.4 in October from 50.2 in September. 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The move would allow the property developer to raise as much as US$2.78 billion cash to trim its debt burden.</p><p>Hong Kong’s biggest commercial lenders extended gains, after they refrained from raising mortgage rates in lockstep with a pause in the city’s base rate and the Federal Reserve’s “dovish pivot.” HSBC rallied 2.2 percent to HK$58.25 and Bank of China (Hong Kong) climbed 0.8 percent to HK$2.82.</p><p>The market needs to see better signs of the economy breaking out of the debt-deflation loop and more supportive measures to gain a steady footing, Morgan Stanley strategists including Laura Wang said in a note to clients on Thursday.</p><p>Elsewhere, Beijing Ubox Online Technology jumped 16 percent to HK$12 on its first day of trading in Hong Kong, while Jiangxi Bestoo Energy surged 573 percent to 30.73 yuan in Shenzhen.</p><p>Other major Asian markets advanced on Friday. 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The Tech Index rose 1.2 percent while the Shanghai Composite Index added 0.6 percent.Tencent jumped 1.3 percent to HK$292.20, Alibaba Group gained 0.9 percent to HK$81.25 and e-commerce peer JD.com strengthened 1 percent to HK$100.40. Sun Hung Kai Properties rallied 2 percent to HK$84.25 and Henderson Land advanced 2.3 percent to HK$22, leading gains among local developers.This week’s upturn helped stem losses over the preceding three months, allowing the benchmark stock index to rebound 0.4 percent from an 11-month low. Policy support, in the form of property easing measures and interest-rate pause, lifted confidence among stock investors, with mainland funds making HK$7.4 billion (US$946 million) of net purchases since last Friday.China’s services activity expanded marginally last month, with the Caixin China PMI Services Index rising to 50.4 in October from 50.2 in September. A reading above 50 signals an expansion. Reports earlier this week showed Chinese manufacturing surprisingly contracted last month.New World Development surged 3 percent to HK$15.32 after shareholders approved the sale of its 60.9 percent stake in NWS Holdings to the Cheng family that controls both entities. The move would allow the property developer to raise as much as US$2.78 billion cash to trim its debt burden.Hong Kong’s biggest commercial lenders extended gains, after they refrained from raising mortgage rates in lockstep with a pause in the city’s base rate and the Federal Reserve’s “dovish pivot.” HSBC rallied 2.2 percent to HK$58.25 and Bank of China (Hong Kong) climbed 0.8 percent to HK$2.82.The market needs to see better signs of the economy breaking out of the debt-deflation loop and more supportive measures to gain a steady footing, Morgan Stanley strategists including Laura Wang said in a note to clients on Thursday.Elsewhere, Beijing Ubox Online Technology jumped 16 percent to HK$12 on its first day of trading in Hong Kong, while Jiangxi Bestoo Energy surged 573 percent to 30.73 yuan in Shenzhen.Other major Asian markets advanced on Friday. Japan’s Nikkei 225 climbed 1.1 percent, Australia’s S&P/ASX 200 jumped 1.2 percent and South Korea’s Kospi gained 1 percent.","news_type":1},"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"langContent":"EN"}],"hasMoreComments":true,"newsSizeData":{"likeSize":15,"commentSize":0,"repostSize":1,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false}}