This photo dated Sept 11, 2019 shows the flag of Hong Kong Exchanges & Clearing Ltd (center) flying next to the Chinese national flag (second left) and the Hong Kong SAR flag (right) outside the exchange offices in the Central district of Hong Kong. (NICOLAS ASFOURI / AFP)
Hong Kong shares rose on Tuesday by their most in three weeks, as investors snapped up tech and healthcare stocks following a recent sell-off.
The Hang Seng index rose 2.5 percent to 25,727.92, while the China Enterprises Index gained 3.2 percent to 9,098.68.
The Hang Seng Tech Index surged 7.1 percent, rebounding from the recent sell-off triggered by regulatory tightening announced by the Chinese central government. The index is still down about 40 percent from its February peak.
“It’s mainly a rebound from last week’s sell-off, with some help from JD.com’s earnings,” said Alex Wong, director of asset management at Ample Capital.
The Hang Seng index rose 2.5 percent to 25,727.92, while the China Enterprises Index gained 3.2 percent to 9,098.68
E-commerce giant JD.Com jumped 14.9 percent after its earnings results beat analysts’ expectations and the company added record new users in the second quarter.
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Tencent Holdings surged 8.8 percent, rising for the third day in a row, after the social-media giant bought back shares worth HK$100.0 million (US$12.84 million) on Aug 23, its third consecutive day of share buybacks.
E-commerce behemoth Alibaba Group, which on Monday fell to its lowest level since its Hong Kong debut, bounced 9.5 percent.
Food-delivery company Meituan surged 13.5 percent, the biggest daily gainer in the Hang Seng Index.
The Hang Seng Healthcare index rose 4.8 percent. Healthcare companies Wuxi Biologics and Alibaba Health Information Technology surged 7.7 percent and 6.4 percent, respectively.
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Wuxi Biologics said its net profit jumped 163 percent to 1.77 billion yuan (US$273.1 million), while revenue surged 126.7 percent to 4.41 billion yuan.