Hong Kong stocks set for best month since January 2023 on property tonic, China market intervention
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The Hang Seng Index rose 0.4 per cent to 16,603.62 at 3.14pm local time, bringing the rally this month to 7.2 per cent, the most since a 10 per cent surge 13 months ago. The Tech Index advanced 0.8 per cent, while the Shanghai Composite Index jumped 1.9 per cent.
Sun Hung Kai Properties strengthened 2.1 per cent to HK$79.60 while its peer Hang Lung Properties added 1.1 per cent to HK$8.55. China’s biggest chip maker SMIC surged 7.7 per cent to HK$17.08, while HSBC gained 1.4 per cent to HK$60.60. Xinyi Solar surged 25 per cent to HK$4.77 after reporting a 9.6 per cent increase in full-year profit that exceeded analysts’ estimates.
Hong Kong Exchanges and Clearing slipped 0.2 per cent to HK$244.40 as net income for the city’s bourse operator matched analysts’ estimates in 2023 despite a weak final-quarter performance. NetEase added 0.5 per cent to HK$177.60 as the online game operator prepares to also report on Thursday.
Other major Asian markets were mixed. Japan’s Nikkei 225 slipped 0.1 per cent and South Korea’s Kospi retreated 0.4 per cent, while Australia’s S&P/ASX 200 advanced 0.5 per cent.
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