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Alibaba Health, Meituan lead Hong Kong stocks higher for second day as traders pick up tech bargains
- Stocks gained as bargain-hunting for technology companies continued and a retreat in oil prices eased inflation pressure
- The Shanghai Composite Index was little changed as the mainland’s biggest commercial city entered its second day of partial lockdown
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Hong Kong stocks rose for a second day, as bargain-hunting for technology companies continued and sentiment improved after a retreat in oil prices ease inflationary pressure.
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The Hang Seng Index gained 1.1 per cent to 21,927.63 at the close on Tuesday, extending a 1.3 per cent gain the previous day. The Hang Seng Tech Index added 2.5 per cent.
China’s Shanghai Composite Index lost 0.3 per cent, as the mainland’s biggest commercial city entered its second day of partial lockdown to contain the transmission of Covid-19.
Alibaba Health Information Technology and online food delivery giant Meituan led the gains in Hong Kong stocks, rising at least 5.8 per cent each. Electric-vehicle maker BYD climbed before its earnings release late on Tuesday.
Other major markets in Asia all rose, with Japan pacing the gains in the region, following an overnight rally in US equities. Crude oil futures tumbled 1.1 per cent in Asian trading after falling 7 per cent on Monday.
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Prospects for the progress of Russia-Ukraine ceasefire talks boosted risk appetite. Ukraine said its “minimum” goal from talks with Russian negotiators starting on Tuesday in Turkey will be an improvement in the immediate humanitarian situation.
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