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Hong Kong stocks rose, tracking overnight gains on Wall Street, as a gloomy report on mainland factory activity raised stimulus bets while investors awaited fresh cues from China’s 15th five-year plan discussions.
The Hang Seng Index added 0.4 per cent to 26,736.44 as of 9.50am local time, adding to the 1.9 per cent gain recorded on Monday. The Hang Seng Tech Index rose 1 per cent. On the mainland, the CSI 300 Index gained 0.4 per cent and the Shanghai Composite Index strengthened 0.3 per cent.
E-commerce firm Alibaba Group Holding jumped 1.9 per cent to HK$176.70 and peer JD.com gained 0.8 per cent to HK$137.70. Chipmaker Semiconductor Manufacturing International surged 3.7 per cent to HK$79.35, while online-game provider NetEase rose 0.8 per cent to HK$233.80. Electric-vehicle maker Li Auto advanced 1.1 per cent to HK$99.65 while gold miner Zijin Mining Group added 2.3 per cent to HK$32.90.
Limiting gains, search-engine giant Baidu fell 1.2 per cent to HK$129.90, online travel booking platform Trip.com lost 0.4 per cent to HK$595.50 and private educational services provider New Oriental Education & Technology tumbled 1.9 per cent to HK$41.76.
China’s manufacturing activity contracted for a sixth straight month in September, underscoring weak domestic demand as manufacturers awaited fresh stimulus and clarity on a potential trade deal with the United States. The manufacturing purchasing managers’ index (PMI) stood at 49.8 in September, official data showed on Tuesday, higher than August’s reading of 49.4 but short of a 50.1 projection from a survey of economists by financial data provider Wind.
China’s Communist Party will convene its annual plenum in Beijing from October 20 to 23 to review and endorse the draft of the 15th five-year plan, state-owned Xinhua Agency said on Monday. The Politburo, chaired by President Xi Jinping, set the agenda at a Monday meeting that also outlined revisions to the blueprint for the nation’s economic, political and social goals amid tensions with the United States.
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