HONG KONG: Hong Kong shares closed higher on Tuesday, tracking a firmer overseas market, while gains in pharmaceutical and technology stocks overpowered selling pressure on some key property developers.
Hong Kong benchmark Hang Seng ended 1 percent higher, and the Hang Seng China Enterprises Index was up nearly 1 percent.
Overseas markets climbed with Japan’s Nikkei gaining 1.1 percent, Taiwan SE Weighted Index adding 0.2 percent and Jakarta Composite Index up 1.5 percent.
The Hang Seng Biotech Index rose 3.2 percent and the Hang Seng Tech climbed 0.9 percent.
WuXi Biologics and Sino Biopharmaceutical rose 4.5 percent and 4.3 percent, respectively.
“We expect positive growth for most leading pharma companies in 2026,” Linda Shu, head of China healthcare research at HSBC Qianhai Securities, wrote in a note.
Pharma companies with a high innovative drug proportion are set to deliver a 10 percent-15 percent year-on-year revenue growth rate in 2027-28 based on estimates, Shu added.
Kuaishou, Alibaba, Baidu and Sunny Optical rose between 2.3 percent and 3.5 percent.
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 0.6 percent and CK Asset down 0.3 percent.
“We expect (residential) prices to consolidate throughout 2026,” brokerage UOB Kay Hian said.
New World Development fell 3.5 percent 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.
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