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Yulu Ao

Hong Kong stocks rose on Tuesday after China’s second-quarter economic growth came in above expectations.
The Hang Seng Index closed 1.6 per cent higher at 24,590.12, adding to the 0.3 per cent increase on Monday. The Hang Seng Tech Index rose 2.8 per cent. On the mainland, the Shanghai Composite Index slipped 0.5 per cent, while the CSI 300 Index was little changed.
E-commerce giant Alibaba Group Holding added 7 per cent to HK$113.50, while online games provider NetEase rose 3.4 per cent to HK$209 and cordless power tools producer Techtronic Industries surged 3.9 per cent to HK$90.40. Electric-car maker Li Auto gained 1.4 per cent to HK$113, while food delivery platform Meituan strengthened 4.4 per cent to HK$126.20.
Trimming the gains, sportswear maker Li Ning fell 1.1 per cent to HK$15.88, while jeweller Chow Tai Fook Jewellery declined 0.4 per cent to HK$14.10.
China’s economy grew 5.2 per cent year on year in the second quarter, above the 5.17 per cent forecast by data provider Wind, keeping it on track to meet this year’s official target of around 5 per cent.
Meanwhile, China’s home prices dropped 0.3 per cent month on month in June, the steepest decline in eight months, according to official data released on Tuesday. The disappointing data weighed on mainland Chinese property stocks, with Longfor Group retreating 2.9 per cent to HK$10.14 and China Resources Land falling 2.9 per cent to HK$28.65.
China Vanke slumped 2.1 per cent to HK$5.21, after the Shenzhen-based developer said late on Monday that it could post a net loss of between 10 billion yuan (US$1.4 billion) and 12 billion yuan for the first half of this year, as it continues to struggle with a significantly lower volume of project deliveries. The company posted a net loss of 9.85 billion yuan in the same period last year.
Following the release of the second quarter gross domestic product data, Goldman Sachs analysts said in a report on Tuesday that they expect “incremental [and] targeted easing to help stem the property downturn and mitigate labour market pressures” in the second half of the year.
Elsewhere in Asia-Pacific, Australia’s S&P/ASX 200 added 0.7 per cent, South Korea’s Kospi rose 0.4 per cent, while Japan’s Nikkei 225 climbed 0.6 per cent.
Additional reporting by Yuke Xie


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The 5.2 per cent GDP growth in the April to June quarter came in above the 5.17 per cent forecast by data provider Wind


The 5.2 per cent GDP growth in the April to June quarter came in above the 5.17 per cent forecast by data provider Wind.


Hong Kong stocks surge 1.6% after China’s second-quarter growth exceeds expectations

.css-1c6uqr6{color:inherit;font-weight:inherit;font-size:inherit;font-family:inherit;line-height:inherit;overflow-wrap:break-word;}The 5.2 per cent GDP growth in the April to June quarter came in above the 5.17 per cent forecast by data provider Wind

The 5.2 per cent GDP growth in the April to June quarter came in above the 5.17 per cent forecast by data provider Wind