SHANGHAI: Tech shares drove Hong Kong stocks higher on Friday, after earnings release by e-commerce giants helped lift sentiment, while China stocks were roughly flat.
China stocks track Asian markets higher
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China’s e-commerce giant JD.COM beat profit forecasts in the second quarter, while Alibaba Group Holding missed market expectations for first-quarter revenue.
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The Hang Seng Tech Index added 2.1%, with JD and Alibaba shares up by 8.9% and 4.1%, respectively.
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China’s blue-chip CSI300 Index was flat by the lunch break, while the Shanghai Composite Index edged up 0.1%. Hong Kong benchmark Hang Seng Index was up 1.7%.
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Share prices of Chinese antimony producers jumped by up to 10% following Beijing’s decision to limit exports of strategic mineral of which it is the dominant supplier.
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China will stick to a supportive monetary policy and maintain policy stability, its central bank governor Pan Gongsheng said in an interview with state news agency Xinhua on Thursday.
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China’s financial sector sub-index rose by 0.38%, while the consumer staples sector and the real estate index were down 0.31% and 0.45%, respectively.
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The smaller Shenzhen index was down 0.09%, the start-up board ChiNext Composite index was unchanged and Shanghai’s tech-focused STAR50 index was down 0.33%.
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Chinese H-shares listed in Hong Kong rose 1.91% to 6,150.41.
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Around the region, MSCI’s Asia ex-Japan stock index was firmer by 1.36% while Japan’s Nikkei index was up 3.21%.
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The yuan was quoted at 7.1728 per US dollar, 0.04% firmer than the previous close of 7.1754.
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