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Hong Kong Stocks Rise to Four-Week Highs as Corporate Buy-Backs Lift Investor Sentiment

Investors say growing number of corporate buy-backs are signs that suggest the market is nearing a bottomStocks of EV makers, including Li Auto and BYD advanced, after data from the industry associati

Hong Kong Stocks Rise to Four-Week Highs as Corporate Buy-Backs Lift Investor Sentiment

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The Hang Seng Tech Index gained 2.5 per cent.</p><p>Hang Seng Bank rallied 5.4 per cent to HK$99.1 after unveiling a share buy-back programme worth HK$3 billion (US$383.1 million). E-commerce behemoth Alibaba Group Holding gained 5 per cent to HK$74 and rivals JD.com rose 5 per cent to HK$106.70. Both Alibaba and Tencent Holdings, the biggest constituents of the Hang Seng Index, have unveiled stock repurchases this year.</p><p style=\"text-align: start;\">“Corporate buy-backs are a rational choice for companies that see their share prices as undervalued,” said Yin Huiwei, an analyst at Mingsheng Securities. “Buy-backs are typically one of the signs that the market has hit bottom and it means this may be a good time for investors to return.”</p><p>Alibaba’s shares also rose following comments by its two co-founders that sought to boost employee morale.</p><p style=\"text-align: start;\">Li Auto added 3.8 per cent to HK$126.5 and BYD rose 2.4 per cent to HK$212.20 after data from the industry association showed that sales of electric vehicles in China increased 30 per cent in March from a year ago.</p><p>Zijin Mining Group climbed 6.4 per cent to HK$17.88 after gold prices set new highs fuelled by safe-haven buying. NetEase added 2 per cent to HK$160.60 after sources said the online game operator is expected to strike a deal with Blizzard Entertainment for redistributions of new titles in China.</p><p class=\"t-img-caption\"><img src=\"https://community-static.tradeup.com/news/a7d5bc7a57ec6abe6a597efc42f67149\" title=\"\" tg-width=\"273\" tg-height=\"834\"/></p><p style=\"text-align: start;\">The overall market sentiment has improved as US-China tensions ebbed following US Treasury Secretary Janet Yellen’s visit to China this week, stoking hopes buying interest could return after a four-year decline. The stock benchmark is priced at 6 times historical earnings, the lowest among major global markets, according to Bloomberg data.</p><p style=\"text-align: start;\">Other major Asian markets were broadly weaker. Japan’s Nikkei 225 slipped 0.3 per cent, while South Korea’s Kospi retreated 0.5 per cent and Australia’s S&amp;P/ASX 200 added 0.2 per cent.</p><p><br/></p></body></html>","source":"lsy1600132093512","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Hong Kong Stocks Rise to Four-Week Highs as Corporate Buy-Backs Lift Investor Sentiment</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; 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The Hang Seng Tech Index gained 2.5 per cent.Hang Seng Bank rallied 5.4 per cent to HK$99.1 after unveiling a share buy-back programme worth HK$3 billion (US$383.1 million). E-commerce behemoth Alibaba Group Holding gained 5 per cent to HK$74 and rivals JD.com rose 5 per cent to HK$106.70. Both Alibaba and Tencent Holdings, the biggest constituents of the Hang Seng Index, have unveiled stock repurchases this year.“Corporate buy-backs are a rational choice for companies that see their share prices as undervalued,” said Yin Huiwei, an analyst at Mingsheng Securities. “Buy-backs are typically one of the signs that the market has hit bottom and it means this may be a good time for investors to return.”Alibaba’s shares also rose following comments by its two co-founders that sought to boost employee morale.Li Auto added 3.8 per cent to HK$126.5 and BYD rose 2.4 per cent to HK$212.20 after data from the industry association showed that sales of electric vehicles in China increased 30 per cent in March from a year ago.Zijin Mining Group climbed 6.4 per cent to HK$17.88 after gold prices set new highs fuelled by safe-haven buying. NetEase added 2 per cent to HK$160.60 after sources said the online game operator is expected to strike a deal with Blizzard Entertainment for redistributions of new titles in China.The overall market sentiment has improved as US-China tensions ebbed following US Treasury Secretary Janet Yellen’s visit to China this week, stoking hopes buying interest could return after a four-year decline. The stock benchmark is priced at 6 times historical earnings, the lowest among major global markets, according to Bloomberg data.Other major Asian markets were broadly weaker. Japan’s Nikkei 225 slipped 0.3 per cent, while South Korea’s Kospi retreated 0.5 per cent and Australia’s S&P/ASX 200 added 0.2 per cent.","news_type":1},"isVote":1,"tweetType":1,"viewCount":477,"commentLimit":10,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"symbols":["03067","NIO","HSI","02801","09866"],"verified":2,"subType":0,"readableState":1,"langContent":"EN","currentLanguage":"EN","warmUpFlag":false,"orderFlag":false,"shareable":true,"causeOfNotShareable":"","featuresForAnalytics":[],"commentAndTweetFlag":false,"andRepostAutoSelectedFlag":false,"upFlag":false,"length":79,"xxTargetLangEnum":"ORIG"},"commentList":[],"hasMoreComment":false,"orderType":2}