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Hong Kong stocks cap weekly gain on earnings optimism; Wuxi AppTec rallies

Wuxi AppTec jumps after it says its first-half profit likely more than doubled from a year earlier

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Exchange Square in Central. Photo: Reuters
Zhang Shidongin Shanghai
Hong Kong stocks advanced on Friday, with the city’s benchmark pulling off a weekly gain on expectations for improved earnings in some industries and additional policy support from Beijing to spur growth.

The Hang Seng Index rose 0.5 per cent to 24,139.57 at the close and the Hang Seng Tech Index gained 0.6 per cent. On the mainland, the CSI 300 Index added 0.1 per cent and the Shanghai Composite Index was little changed.

Wuxi AppTec jumped 10 per cent to HK$88.15 after saying its first-half profit likely more than doubled from a year earlier. Affiliate Wuxi Biologics surged 3.7 per cent to HK$26.65. Mengniu Dairy rallied 2 per cent to HK$16.24 after saying it repurchased HK$6.35 million (US$808,932) worth of stock on Thursday. Alibaba Group Holding, owner of the Post, added 1.8 per cent to HK$105.10. Rival JD.com fell 0.2 per cent to HK$123.30 after HSBC said increased e-commerce subsidies and investments in the food delivery business would erode margins.

The Hang Seng Index rose nearly 1 per cent this week as investors seemed to have moved on from tariff news even after US President Donald Trump unveiled levies on a slew of key trading partners. Sentiment also got a boost ahead of a Politburo meeting scheduled for later this month, as recent data on China’s entrenched deflation had raised expectations for more robust stimulus measures. The S&P 500 closed at a record high on Thursday.

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