Media365
Hong Kong stocks rose on Thursday, tracking gains in global markets as dip-buying kicked in after a sell-off triggered by jitters over elevated valuations of technology companies.
The Hang Seng Index gained 0.7 per cent to 26,125.05 as of 10.02am local time, snapping a two-day decline. The Hang Seng Tech Index added 0.3 per cent. On the mainland, the CSI 300 Index climbed 0.7 per cent and the Shanghai Composite Index rose 0.4 per cent.
Aluminium maker China Hongqiao Group surged 6.2 per cent to HK$31.34 and China Life Insurance added 3.5 per cent to HK$25.56. Alibaba Group Holding, the biggest weighting on the Hang Seng Index, rallied 2 per cent to HK$161.60 and Tencent Holdings, the second biggest index constituent, advanced 0.9 per cent to HK$634.50.
A rebound in US equities overnight provided support for Hong Kong and other Asia-Pacific markets, with investors betting on a pattern repeated this year: every pullback is followed by a record-setting run. Both US and global stocks rose to record highs after a rout spurred by the Trump administration’s tariff policy in April and October. Equities logged fresh highs again last month as investors leveraged a de-escalation in US-China tensions.
Four companies started trading in Hong Kong. Automotive supplier Ningbo Joyson Electronic fell 3.1 per cent to HK$21.32. Autonomous driving company Pony.ai slumped 12 per cent to HK$122.40 and peer WeRide dropped 14 per cent to HK$23.22. Biotech firm Vigonvita Life Sciences surged 170 per cent to HK$90.25.
Elsewhere in Asia-Pacific, Japan’s Nikkei 225 climbed 1.1 per cent, South Korea’s Kospi rose 0.6 per cent and Australia’s S&P/ASX 200 added 0.3 per cent.
