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 finished the session up 0.1percent, after tumbling 3percent on Wednesday. The Shanghai Composite Index rose 0.2percent. In Hong Kong, Hang Seng climbed 0.8percent 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 6percent while Japan’s stock market gained 1.4percent.
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 160percent, while Merck jumped 12percent. China’s CSI Vaccine and Biotech Index shot up 9percent, while Hong Kong’s Hang Seng Innovative Drug Index advanced more than 4percent. Meanwhile, tech shares clawed back some of Wednesday’s losses.
The STAR100 Index gained 2percent after a 7percent loss, while Hong Kong’s AI Index firmed 2.3percent. But shares of Chinese humanoid robot maker Unitree tumbled 19percent after soaring more than fivefold in a blockbuster trading debut in Shanghai on Wednesday.