Hong Kong stocks rallied on Monday, rebounding from Friday’s steepest loss since April as US-China trade tensions showed signs of easing and China’s economic growth exceeded expectations.
The Hang Seng Index jumped 2.4 per cent to 25,853.08 as of 11am. The Hang Seng Tech Index surged 3.1 per cent.
On the mainland, the CSI 300 Index rose 1.2 per cent and the Shanghai Composite Index added 0.9 per cent.
NetEase jumped 5.2 per cent to HK$235.40, insurance giant AIA Group added 4.3 per cent to HK$72 and Alibaba Group Holding gained 4.8 per cent to HK$161.80.
On the negative side, jewellery maker Chow Tai Fook fell 2.2 per cent to HK$16.16 and Chinese real estate developer Longfor Group Holdings lost 1 per cent to HK$10.30.
China’s gross domestic product (GDP) grew 4.8 per cent year on year in the third quarter, according to data published on Monday by the National Bureau of Statistics (NBS). The stronger-than-expected reading brings the figure for the first nine months to 5.2 per cent – closer to achieving China’s annual target. Beijing is kicking off a significant closed-door meeting on Monday to decide on economic plans for the next five years. A communique is expected on Thursday.
