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Hong Kong stocks overturn losses as developers, ETFs jump before budget report, Li Auto and CLP deliver earnings boost
- Hong Kong stocks overturned losses after a weak home-price report heightened pressure on city officials to stimulate the industry
- Chinese EV maker Li Auto surged 25 per cent after reporting a record quarterly profit as CLP also made a noticeable gain
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Zhang Shidongin Shanghai
Hong Kong stocks snapped a two-day decline as the city’s biggest developers rebounded after a weak home-price report renewed pressure on the government to stimulate the industry. Li Auto surged after a stellar earnings report.
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The Hang Seng Index climbed almost 1 per cent to 16,792.27 on Tuesday. The Tech Index added 3.3 per cent and the Shanghai Composite Index jumped 1.3 per cent at the close.
The city’s biggest developer Sun Hung Kai Properties rose 1.2 per cent to HK$77.50, and New World Development rallied 2.5 per cent to HK$9.80. Wharf REIC added 1.6 per cent to HK$25.80, and Henderson Land gained 0.7 per cent to HK$22.20.
Chinese EV maker Li Auto surged 25 per cent to HK$175.50 after posting a record quarterly profit, and electricity distributor CLP soared 4.4 per cent to HK$66.65. Carmaker BYD jumped 5.3 per cent to HK$197.90, while Alibaba Group added 1.8 per cent to HK$75.50 and chip maker SMIC advanced 10 per cent to HK$16.62.
Builders rallied as the market turned its focus to the city’s budget plans. A government report today showed secondary home prices fell in January for a ninth month, taking the cumulative drop since April 2023 to 13.5 per cent. The report suggests last year’s cut in stamp duty is not enough to arrest the slump.
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