Hong Kong stocks maintain momentum to hit 4.5-year high
Busy Ming Group, China’s largest snack and drinks retailer, gains 69 per cent on its Hong Kong debut
The Hang Seng Index closed 2.6 per cent higher at 27,826.91, the highest since July 2021. The Hang Seng Tech Index gained 2.5 per cent. On the mainland, both the CSI 300 Index and the Shanghai Composite Index added 0.3 per cent.
Lender HSBC Holdings rose 2.2 per cent to HK$137.50 after Citigroup raised its price target. Metals miner Zijin Mining Group gained 3.1 per cent to HK$44.76 and aluminium producer China Hongqiao Group jumped 7.3 per cent to HK$40.22. Blind-box toymaker Pop Mart International climbed 7 per cent to HK$231.40. Chipmaker SMIC added 3.5 per cent to HK$79.30 and online-games provider NetEase advanced 2.4 per cent to HK$212.
Online travel-booking agency Trip.com lost 0.8 per cent to HK$495.40, hotpot chain Haidilao International Holding declined 2.6 per cent to HK$15.52 and sportswear maker Anta Sports Products dropped 1.2 per cent to HK$77.
The gains were underpinned by improving sentiment towards Chinese equities, as global investors reassess China’s investment case amid diversification away from US assets and expectations of solid earnings growth this year.