Hong Kong stock rally takes a pause as investors gather profits
Benchmark gains 3.9 per cent for the week as ‘big up, small down’ trend holds sway, analyst says
Hong Kong stocks fell on Friday as investors took profits, especially in high-flying sectors, pausing a recent rally.
The Hang Seng Index fell 0.5 per cent to 27,140.92 at the close to end the week with a gain of 3.9 per cent. The Hang Seng Tech Index fell 0.9 per cent. Mainland stock exchanges are closed for the National Day and Mid-Autumn Festival holidays from Wednesday through October 8.
Search-engine giant Baidu lost 0.7 per cent to HK$138.20 and short-video platform Kuaishou Technology declined 3.4 per cent to HK$88.70. Electric-vehicle maker Li Auto dropped 2.4 per cent to HK$99.60, while peer BYD slumped 4 per cent to HK$109.40. E-commerce firm JD.com slid 1.8 per cent to HK$140.20 and online-game provider NetEase lost 1.6 per cent to HK$235.60.
Limiting losses, e-commerce firm Alibaba Group Holding added 1.1 per cent to HK$185.10, pharmaceutical firm Hansoh Pharmaceutical Group rose 1.6 per cent to HK$38.56, and blind-box toymaker Pop Mart International advanced 0.3 per cent to HK$254.80.