Hong Kong stocks rise on stimulus bets after China factory activity disappoints
Investor hopes of market-boosting policies rise after mainland manufacturing activity declines for a sixth straight month
The Hang Seng Index rose 0.9 per cent to 26,855.56 at the close, adding to a 1.9 per cent gain recorded on Monday. The Hang Seng Tech Index added 2.2 per cent. On the mainland, both the CSI 300 Index and the Shanghai Composite Index gained 0.5 per cent.
Pharmaceutical firm WuXi AppTec jumped 8.1 per cent to HK$118.70, while e-commerce firm Alibaba Group Holding added 2.1 per cent to HK$177. Online-game provider NetEase rose 2.1 per cent to HK$236.80, and electric-vehicle maker Li Auto advanced 2.9 per cent to HK$101.40. Chipmaker Semiconductor Manufacturing International surged 4 per cent to HK$79.55 after reports that Huawei Technologies would double output of its AI chips, seen as home-grown rivals to Nvidia.
Online travel booking platform Trip.com lost 0.3 per cent to HK$596, while logistics company ZTO Express declined 1.9 per cent to HK$147.50 and private educational services provider New Oriental Education & Technology lost 0.7 per cent to HK$42.26.
Mainland stock exchanges will be closed for the National Day holiday from Wednesday through October 8, while the Hong Kong stock exchange will be closed on Wednesday.