Hong Kong stocks rose for a fourth day on Thursday, the longest rising streak in two months, reversing early losses spurred by concerns about some bellwether companies’ earnings results, as Alibaba Group Holding and Zijin Mining Group led a late charge.
The Hang Seng Index closed up 0.6 per cent at 27,073.03, erasing a decline of as much as 0.7 per cent. The Hang Seng Tech Index advanced 0.8 per cent. On the mainland, the CSI 300 Index climbed 1.2 per cent and the Shanghai Composite Index added 0.7 per cent.
Alibaba jumped 3.3 per cent to HK$162 after it was reported that the e-commerce giant planned to revamp its main app by adding more artificial intelligence features that could rival ChatGPT. Gold producer Zijin Mining rallied 4.2 per cent to HK$34, tracking the precious metal’s comeback. Xinyi Solar Holdings rose 1.6 per cent to HK$3.79 after China’s photovoltaic industry association rejected rumours that the move to cut excess capacity in the sector was failing.
Advertisement
Limiting gains, Tencent Holdings slipped 0.2 per cent to HK$656 and JD.com also lost 0.2 per cent to HK$124.40 before their earnings releases. Property-management firm China Resources Mixc Lifestyle Services tumbled 3.5 per cent to HK$44.50 after parent China Resources Land planned to sell a 2.2 per cent stake in the unit at a discount.
Tencent is likely to report a slowdown in third-quarter profit growth. Photo: Shutterstock
An end to the longest-ever government shutdown in the US, alongside investors’ unrelenting enthusiasm about AI investments, provided further impetus to a rally that has propelled the Hang Seng Index by more than 30 per cent this year. Investors also see the possibility of China shrugging off years of deflation after consumer prices returned to growth in October and the decline in produce prices narrowed.
