Hong Kong stocks gain by most in nearly a month on China export optimism
‘China and Hong Kong are the biggest beneficiaries’ of US court decision on tariffs, Goldman Sachs strategists and economists say
The Hang Seng Index surged 2.5 per cent to 27,081.91 at the close, the biggest gain since January 28. The Hang Seng Tech Index jumped 3.3 per cent, the best increase since January 2. Mainland China’s bourses, which have been closed for Lunar New Year, will reopen on Tuesday.
Food-delivery service provider Meituan leapt 5.3 per cent to HK$85, and chipmaker Semiconductor Manufacturing International advanced 5 per cent to HK$71.10. E-commerce major Alibaba Group Holding added 3.5 per cent to HK$152.20, and WeChat operator Tencent Holdings gained 3.1 per cent to HK$538. Online-game provider NetEase climbed 1.7 per cent to HK$182.40, and short-video platform Kuaishou Technology added 3.1 per cent to HK$68.55.
Limiting gains, home appliance maker Midea Group fell 0.7 per cent to HK$93.50, while Mengniu Dairy dropped 1.9 per cent to HK$16.35.
“China and Hong Kong are the biggest beneficiaries” of the court’s decision, said Goldman Sachs strategists and economists including Andrew Tilton in a research note.