Hong Kong stocks advance as tech sector lifts sentiment amid prolonged conflict
Hang Seng Index climbs, driven by tech firms, helping investors look past prolonged Middle East hostilities
The Hang Seng Index gained 1.5 per cent to 25,834.02 at the close of trading, reversing the 1 per cent loss recorded on Friday. The Hang Seng Tech Index gained 2.7 per cent. On the mainland, the CSI 300 Index added 0.1 per cent and the Shanghai Composite Index fell 0.3 per cent.
WeChat operator Tencent Holdings jumped 2 per cent to HK$558.50, while smartphone and electric vehicle (EV) maker Xiaomi surged 5.6 per cent to HK$35.20. E-commerce giant JD.com added 1.7 per cent to HK$111.50 and peer Alibaba Group Holding rose 1.1 per cent to HK$134. Food-delivery service provider Meituan rose 3.1 per cent to HK$78.30, and online-game provider NetEase gained 2.5 per cent to HK$186.90.
EV maker BYD jumped 7.8 per cent to HK$104.30, the most in 13 months after its Brazil plant received an export order for about 100,000 units from Argentina and Mexico. EV battery maker CATL surged 7.9 per cent to HK$670.
Limiting gains, gold miner Zijin Mining dropped 3.4 per cent to HK$36.98 and oil and gas producer China National Offshore Oil Corporation declined 1.1 per cent to HK$29.44.
Burry, famed for his successful bet against the US housing market before the 2008 global financial crisis, said late last week that the slump in the Hang Seng Tech Index was driven largely by multiple compression, which he described as a rare phenomenon in market history and a possible sign the sector had been significantly undervalued.