Upbeat China industrial profit data lifts Hong Kong stocks to fifth day of gains
Profit at China’s industrial firms rose 5.3 per cent year on year in December, versus a drop of more than 13 per cent in November
The Hang Seng Index closed 1.4 per cent higher at 27,126.95, the highest level since October 3. The Hang Seng Tech Index gained 0.5 per cent. On the mainland, the CSI 300 Index was little changed and the Shanghai Composite Index added 0.2 per cent.
Metal firms rose as demand for non-ferrous metals continues to grow amid geopolitical uncertainty and rapid expansion of artificial intelligence infrastructure. Zijin Mining Group jumped 2.9 per cent to HK$43.40, after its subsidiary agreed to buy Canada’s Allied Gold, which owns gold mines in Africa for C$5.5 billion (US$4 billion) to support its expansion. Aluminium producer China Hongqiao gained 2.5 per cent to HK$37.48.
E-commerce giant Alibaba Group Holding advanced 2.9 per cent to HK$169.90, while WeChat operator Tencent Holdings added 1.3 per cent to HK$607 and Chinese home-grown chipmaker SMIC gained 1.4 per cent to HK$76.60.
Logistics and e-commerce firm JD.com dropped 2.2 per cent to HK$113.50, while online-games provider NetEase declined 0.7 per cent to HK$207, and blind-box toymaker Pop Mart International fell 0.6 per cent to HK$216.20.