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Hong Kong stocks rise as positive holiday bias sets in ahead of Lunar New Year
Southbound net inflows reflect investor optimism about Hong Kong stocks after the holiday, analyst says
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Hong Kong stocks rose on Wednesday, supported by holiday-related flows ahead of the Lunar New Year break, with investors adjusting positions as the market heads into a shortened trading schedule next week.
The Hang Seng Index rose 0.3 per cent to 27,266.38 at the close of trading, adding to the 0.6 per cent gain recorded on Tuesday. The Hang Seng Tech Index climbed 0.9 per cent. On the mainland, the CSI 300 Index fell 0.2 per cent and the Shanghai Composite Index added 0.1 per cent.
Wuxi Biologics jumped 3.5 per cent to HK$41.40 after reporting a nearly 22 per cent rise in net profit, beating market expectations. Techtronic Industries surged 4.9 per cent to HK$119.90. Short-video sharing platform Kuaishou Technology added 0.7 per cent to HK$70.90, and online-game provider NetEase advanced 1 per cent to HK$195.
Chinese chipmaker SMIC lost 2.2 per cent to HK$70 after fourth quarter net income missed estimates. WeChat operator Tencent Holdings slid 0.5 per cent to HK$548, and online travel-booking agency Trip.com declined 0.5 per cent to HK$446.20. E-commerce major Alibaba Group Holding fell 0.3 per cent to HK$160.10, and peer JD.com lost 0.2 per cent to HK$109.80.
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