Hong Kong stocks hit in six months on last trading day before Spring Festival holidays
Hong Kong stocks hit in six months on last trading day before Spring Festival holidays

Hong Kong stocks hit in six months on last trading day before Spring Festival holidays

 

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The Hang Seng Index gained 1.82% close at 22,044, hitting the highest since July 5, 2022. The Hang Seng China Enterprises Index gained 2.34% to close at 7,483, the highest since mid-July. The Hang Seng Tech Index jumped 2.67% to close at 4,568. 

Technology heavyweights are mostly higher, with Baidu and Meituan gaining about 5%, Alibaba up nearly 4%, JD.com up 3%, Tencent and NetEase up 2%. 

Consumer stocks including catering companies, tourism companies and casino operators rallied across the board. Telecommunication operators jumped, with China Telecom surging 7.8%. Resources companies outperformed, with CNOOC up 5%. Gold companies were mostly higher with spot gold prices hit the highest in nine months. 

Coal miners, education companies, steel makers and solar power companies were also higher.

The Shanghai Composite Index gained 0.76% to close at 3,264, the Shenzhen Component Index up 0.57% and the tech-heavy Chinext Price Index up 0.56%.

Telecommunication companies, precious metal companies, education companies, construction companies, steelmakers and coal miners led the gains, while securities brokerages, biotech companies and liquor makers were mostly lower.