Hong Kong stocks climb, led by pharmaceutical, tech stocks

HONG KONG: Hong Kong stocks climbed on Tuesday, tracking a firmer overseas market with pharmaceutical and technology stocks leading the gains, overpowering selling pressure on property developers.

Hong Kong benchmark Hang Seng was up 0.78% by midday, and the Hang Seng China Enterprises Index climbed 0.82%.

The Hang Seng Biotech Index rose nearly 3% and the Hang Seng Tech gained 0.87%.

WuXi Biologics and Sino Biopharmaceutical rose 4.2% and 4.1%, respectively, leading gains in the benchmark Hang Seng Index.

Sunny Optical, Baidu, Kuaishou and Alibaba rose between 2.8% and 3.7%.

China’s onshore financial markets were closed for China’s National Day and will reopen on October 8.

Key property developers slipped, with Sun Hung Kai Properties down 0.4% and CK Asset down 0.3%.

“We expect (residential) prices to consolidate throughout 2026,” brokerage UOB Kay Hian said.

New World Development fell 3.8% after the developer launched a debt exchange offer that would allow bondholders to swap some notes due in 2027 and 2028 for new secured debt maturing in 2032.