Media365
Hong Kong stocks rose for a fifth day on Thursday, as investors bet that gains in Chinese assets would outpace those in the US due to cheaper valuations and ongoing geopolitical uncertainty.
The Hang Seng Index rose 0.6 per cent to 27,169.80 as of 10am local time, extending a 0.6 per cent gain from the previous session. The benchmark’s fifth consecutive day of increase marked its longest winning streak in a year. The Hang Seng Tech Index fell 0.4 per cent.
On the mainland, the CSI 300 Index fell 0.4 per cent, while the Shanghai Composite Index dropped 0.3 per cent.
Electric-car maker BYD advanced 2.3 per cent to HK$99.80, while logistics firm ZTO Express jumped 4 per cent to HK$178.80. Pharmaceutical firm WuXi AppTec advanced 1.6 per cent to HK$120.90 and developer Sun Hung Kai Properties rose 1.9 per cent to HK$110.80. E-commerce giant Alibaba Group Holding added 0.4 per cent to HK$169.60.
Limiting gains, online travel-booking agency Trip.com slumped 18 per cent to HK$465.80 after China launched an antitrust investigation into the company. Online-game provider NetEase slid 1 per cent to HK$218.80.
Asian shares have outperformed Wall Street this year, supported by relatively cheaper valuations and global investors’ diversification away from US assets amid rising geopolitical risks. The Hang Seng Index has climbed 5.3 per cent, outpacing a 1.7 per cent gain in the US benchmark S&P 500.
