Hong Kong stocks gain on tech earnings boost while BYD slides after Buffett’s Berkshire sells EV maker again
- Report cards from Kuaishou and Baidu buoyed optimism about tech sector’s earnings outlook
- A flare-up in Covid-19 cases in mainland China caused investors to reassess ‘reopening bets’ after recent market pullback
The Hang Seng Index advanced 0.6 per cent higher at 17,523.81 at the close of Wednesday trading. The benchmark slipped 5 per cent over the past five days. The Hang Seng Tech Index gained 1.1 per cent while the Shanghai Composite Index added 0.3 per cent.
Kuaishou Technology surged 5.7 per cent to HK$53.10 and Baidu appreciated 3.4 per cent to HK$92.95. Alibaba Group Holding climbed 3.2 per cent to HK$75.40 and Tencent Holdings gained 1.7 per cent to HK$282. Limiting gains, BYD slumped 1.8 per cent to HK$175 after Berkshire Hathaway trimmed its stake again.
Meituan fell 1.1 per cent to HK$138.40 after Naspers, a Tencent shareholder, said it would sell stock in the Chinese company once it receives Meituan shares as a special dividend distributed by Tencent.
Kuaishou reported a third-quarter loss of 2.7 billion yuan (US$378 million), or 28 per cent lower than market consensus. Baidu’s revenue climbed 2 per cent, topping analysts’ estimates, while underlying profit jumped 16 per cent.
