Alibaba, Tencent Fuel Best Rally in a Week in Hong Kong Stocks

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Alibaba, Tencent Fuel Best Rally in a Week in Hong Kong Stocks

South China Morning Post2023-07-10

Alibaba Group, Tencent rally as traders bet the latest billion-dollar fines will mark the end of China’s tech sector crackdownHong Kong developers also jump on measures to ease mortgage financing ...

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LearnerAdi
·2023-07-10
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Gains were limited by a report showing deflation deepened in mainland China.The Hang Seng Index advanced 1.6 per cent to 18,659.20 at 10.26am local time to rebound from a five-week low. The Tech Index increased 2.2 per cent while the Shanghai Composite Index added 0.4 per cent.Alibaba Group jumped 4.9 per cent to HK$88.45, following an 8 per cent rally in New York trading on Friday in the stock’s biggest gain since March. Tencent gained 2.4 per cent to HK$334.60. Tech peers like Meituan added 2.6 per cent to HK$122.20 while Baidu strengthened 1.5 per cent to HK$139,40.The People’s Bank of China last week penalised Ant Group, an Alibaba Group Holding affiliate, 7.12 billion yuan (US$984.3 million) in what analysts deemed as the closure to years of crackdown on unfair market practices. 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Hengong Precision Equipment jumped 19 per cent to 44.10 yuan in Shenzhen, and Guangdong Skychem Technology soared 63 per cent to 89.53 yuan in Shanghai, while Wise Living Technology fell 0.6 per cent to HK$3.60 in Hong Kong.Elsewhere, key Asian markets were mixed. 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