Hong Kong stocks surge on optimism over trade talks, China economic growth
Benchmark rebounds from last week’s loss after ‘constructive’ talk between US treasury secretary, Chinese vice-premier
Hong Kong stocks rallied on Monday, rebounding from Friday’s steepest loss since April as US-China trade tensions showed signs of easing and China reported economic growth that was largely in line with expectations.
The Hang Seng Index jumped 2.4 per cent to close at 25,858.83. The Hang Seng Tech Index surged 3.1 per cent.
On the mainland, the CSI 300 Index rose 0.5 per cent and the Shanghai Composite Index added 0.7 per cent.
NetEase jumped 5.2 per cent to HK$235.40, insurance giant AIA Group added 4.4 per cent to HK$72.10 and Alibaba Group Holding gained 4.9 per cent to HK$161.90.
Making its trading debut, Fujian Haixi Pharmaceuticals surged 36 per cent in the morning before closing up 20.6 per cent at HK$104.20.
Chinese real estate developer Longfor Group Holdings lost 1.6 per cent to HK$10.23, and toy maker Pop Mart lost 1.1 per cent to close at HK$272.40.