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