China, Hong Kong stocks rise on healthcare, tech advance

SHANGHAI: China and Hong Kong stocks rose on Thursday, as healthcare stocks surged and tech shares rebounded from a selloff, amid a broader recovery across Asia.

China’s large-cap CSI300 Index was 0.2% higher by the lunch break, after tumbling 3% on Wednesday.

The Shanghai Composite Index rose 0.3%.

In Hong Kong, Hang Seng climbed 1.5% after a nearly flat session on Wednesday.

Investors drew solace from strength in neighbouring markets following the global tech selloff in the previous session.

South Korea’s Kospi Index jumped 7% while Japan’s stock market gained 1%.

Sentiment was also aided by a fresh batch of Chinese companies - including Foxconn Industrial Internet Co and CCCC Design & Consulting - announcing share buybacks or purchases.

Healthcare stocks surged in both China and Hong Kong after Moderna and Merck on Wednesday announced a major success in a new field of cancer treatment that sent Moderna’s shares surging as much as 160%, while Merck jumped 12%.

China’s CSI Vaccine and Biotech Index shot up 10%, while Hong Kong’s Hang Seng Innovative Drug Index advanced more than 8%.

Meanwhile, tech shares clawed back some of Wednesday’s losses.

The STAR100 Index jumped nearly 3% after a 7% loss, while Hong Kong’s AI Index firmed 4%.

But shares of Chinese humanoid robot maker Unitree tumbled 16% after soaring more than fivefold in a blockbuster trading debut in Shanghai on Wednesday. ‑Reuters