Hong Kong stocks hit 7-week high as investors diversify into Chinese tech names
Investors also boost wagers that Beijing will ramp up policy support to prop up economic growth in 2026
The Hang Seng Index advanced 1.4 per cent to 26,710.45 at the close, the highest level since November 13. The Hang Seng Tech Index jumped 1.5 per cent.
On the mainland, the Shanghai Composite Index climbed 1.5 per cent, closing at the highest since July 2015, while the CSI 300 Index rose 1.6 per cent to a four-year high. The yuan strengthened to 6.9796 against the US dollar, a level not seen since May 2023, boosting the appeal of Chinese assets.
Tencent Holdings, the operator of social-media platform WeChat, gained 1.3 per cent to HK$632.50. Search engine operator Baidu rallied 1.7 per cent to HK$145.90, and game provider NetEase strengthened 3 per cent to HK$229.20. Gold producer Zijin Mining Group surged 4.5 per cent to HK$38.26 as haven demand drove the metal near its record high after the US assault on Venezuela. Pop Mart International Group advanced 1.7 per cent to HK$199.50 after Morgan Stanley said that the toymaker’s US sales would remain strong.