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Jiaxing Li

Hong Kong stocks advanced, overcoming a jittery start to trading, as Alibaba Group and Tencent Holdings led a tech rebound, while oil producers gained on worries about supply.
The market capped a third week of gains as investors bet there was more stimulus to come from Beijing.
The Hang Seng Index jumped 2.8 per cent to 22,736.87 on Friday after losing as much as 1.3 per cent in earlier trading. The Tech Index surged 5 per cent. Markets on the mainland are closed through October 7 for a holiday.
WeChat owner Tencent gained 2.4 per cent to HK$477.60. Alibaba gained 3.5 per cent to HK$113.90 and e-commerce peer JD.com surged 7.3 per cent to HK$182.80. Online travel agency Trip.com rallied 7 per cent to HK$543.
Drug maker Wuxi Biologics jumped 14.5 per cent to HK$21.45 and Wuxi Apptec surged 11.6 per cent to HK$67.10, amid media reports that they are looking at selling some operations after being targeted by a US national security bill.


“Many investors wanted to see the effects of the policies to justify a long-term market turnaround,” John Choi, analyst at Daiwa Securities, wrote in a note to clients. This rally has more legs as many stocks are still trading below their three- and five-year averages, he said, adding that e-commerce companies will be among the key beneficiaries of further stimulus measures.
The Hang Seng Index rose 10.2 per cent this week, on top of a 13 per cent surge last week, marking the biggest weekly rally in 26 years. The 23 per cent cumulative gain since China unleashed its policy package on September 24 has restored more than US$3 trillion in market value to Chinese stocks in Hong Kong, Shanghai, Shenzhen and New York, according to Bloomberg data.
Elsewhere, CNOOC rallied 3.1 per cent to HK$21.55 and PetroChina jumped 3.2 per cent to HK$6.76. Oil producers advanced after crude prices surged to a five-week high of US$74.25 a barrel amid concerns that supply will be disrupted as Middle East tensions escalate.
Other Asian markets were mixed on Friday. Australia’s S&P/ASX 200 Index lost 0.7 per cent, South Korea’s Kospi jumped 0.3 per cent and Japan’s Nikkei 225 Index added 0.2 per cent.


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This rally has more legs as many stocks are still trading below their three- and five-year averages, says John Choi of Daiwa Securities


This rally has more legs as many stocks are still trading below their three- and five-year averages, says John Choi of Daiwa Securities.


Hong Kong stocks resume rally as Alibaba, Tencent lead tech gainers

.css-1c6uqr6{color:inherit;font-weight:inherit;font-size:inherit;font-family:inherit;line-height:inherit;overflow-wrap:break-word;}This rally has more legs as many stocks are still trading below their three- and five-year averages, says John Choi of Daiwa Securities

This rally has more legs as many stocks are still trading below their three- and five-year averages, says John Choi of Daiwa Securities