Hong Kong Stocks Rise Ahead of Beijing’s Economic Stimulus Announcement

Market Overview: Hong Kong Stocks on the Rise

Hong Kong stocks are headed for a weekly gain as investors await more clarity on stimulus measures from Beijing. The Hang Seng Index rose 0.2 per cent to 19,642.83 as of 10.02am local time, taking the gain to 1.1 per cent for the week. The Hang Seng Tech Index gained 0.7 per cent.

Mainland Benchmarks and Performers

Mainland’s benchmarks, however, have declined. The CSI 300 Index and the Shanghai Composite Index both retreated 0.3 per cent. BYD Electronic jumped 7.6 per cent to HK$35.40, while Sunny Optical surged 7.4 per cent to HK$61.00. Smartphone maker Xiaomi added 2.5 per cent to HK$28.80, and Tencent Holdings advanced 0.7 per cent to HK$410.80.

On the flip side, Chinese search engine operator Baidu tumbled 8.6 per cent to HK$76.60, marking the worst performance on the Hang Seng Index, after third-quarter revenue fell by 3 per cent, the biggest decline in over two years.

Upcoming Developments

Separately, the quarterly review of the Hang Seng Index is due to be released later on Friday. The index compiler has not made any changes in the last rebalancing.

Shenzhen Uniconn Technology, which makes electrical components, jumped 195 per cent to 214.53 yuan on its first day of trading in Shenzhen.

Regional Markets Performance

• Japan’s Nikkei 225 climbed 0.8 per cent
• South Korea’s Kospi rose 1.1 per cent
• Australia’s S&P/ASX 200 added 1 per cent