Hong Kong stocks headed for a sixth straight weekly gain on optimism that a de-escalation in US-China tensions will dispel the gloom surrounding China’s growth outlook, alongside last month’s data pointing to a mild ongoing recovery.
The Hang Seng Index rose 0.3 per cent to 23,617.23 as of 10.04am local time. The benchmark has risen 1.1 per cent this week, the longest such streak in three months. The Hang Seng Tech Index gained 0.4 per cent. On the mainland, the CSI 300 Index climbed 0.3 per cent and the Shanghai Composite Index added 0.2 per cent.
Chinese pharmaceutical stocks got a boost from a strong debut of Jiangsu Hengrui Pharmaceuticals, the nation’s biggest drug maker by market capitalisation, which surged 29 per cent on its debut in Hong Kong. CSPC Pharmaceutical Group rallied 4.3 per cent to HK$6.76 and Wuxi AppTec advanced 2.7 per cent to HK$68.90.
Other major Asia-Pacific markets rose. Japan’s Nikkei 225 climbed 0.7 per cent, while South Korea’s Kospi rose 0.1 per cent and Australia’s S&P/ASX 200 added 0.2 per cent.
