Hang Seng Index up in early trade; Alibaba, Tencent shares gain
Hong Kong benchmark Hang Seng Index rallied to begin Friday trade, on the back of positive US-China trade updates.
Hong Kong benchmark Hang Seng Index gained 0.43% to begin the week’s final trading day (Friday 06 December), hitting 26465.7 by mid-morning, according to IG trading figures.
This has been the strongest day by far this week, trading at least 500 index points above the trough.
IG Asia Market Strategist Jingyi Pan attributed the increase to ‘closer contact’ between US and Chinese trade officials, as well as the global anticipation for a trade deal ahead of the December 15 US tariffs on Chinese goods.
‘For Asia markets, mild gains look to be the tone kickstarting the Friday against the current backdrop. The wait continues for the outcome of the trade talks with any trade deal pertinent to keep this atmosphere going past next week,’ said Pan.
In line with this sentiment, property and technology stocks also gained.
The Hang Seng property sub-index rose as much as 0.8%, while the information technology sub-index swelled by 1.5%, according to market data.
Property developers Henderson Land Development Co Ltd rallied 0.7% to HK$37.75 per share; Sun Hung Kai Properties Limited surged 1.1% to HK$113.10 per share, and New World Development Co Ltd increased 0.8% to HK$10.12 per share.
On the technology front, Chinese competitors Tencent Holdings Limited and Alibaba Group Holding Limited stocks each climbed 1.2% and 1.7% respectively to a price per share of HK$333.80 and HK$195.60 each.
The top gainer in the IT sector, however, was AAC Technologies Holdings Inc, with a boost of 8.27%.
Chinese H-shares, which are shares of companies incorporated in mainland China that are traded on the Hong Kong Exchanges and Clearing, grew 0.54% to 10,377.1 in early proceedings. The biggest gainer was Want Want China Holdings with a 2.79% price hike.
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