Hong Kong stocks rise as economic data boosts tech firms like Alibaba, Tencent

From South China Morning Post: 2024-06-03 04:45:19

Hong Kong stocks surged the most in over three weeks after a private report showed China’s manufacturing sector expanded faster than expected last month. The Hang Seng Index rose 1.8%, with tech stocks like Tencent and Alibaba seeing gains. Electric vehicle makers like BYD and Li Auto also saw increases after reporting sales surges.

The Caixin manufacturing PMI rose to 51.7 in May, surpassing analysts’ forecasts and easing concerns about China’s economic recovery. The report contrasted with the official data showing a contraction in manufacturing activity. The market had declined for two weeks prior on profit-booking sales and investor worries about patchy earnings.

UboT Holding, the first debutant on Hong Kong’s GEM in three years, jumped 6% from its IPO price on its first day of trading. GenScript Biotechnology faced a drop after denying any government control following probes by the US. Other major Asian markets like Japan’s Nikkei 225 and Australia’s S&P/ASX 200 also posted gains.



Read more at South China Morning Post: Hong Kong stocks jump by most in 3 weeks as Alibaba, Tencent gain on economic data boost