Hong Kong stocks rallied, tech firms surge after authority vowed more support

 

>>REAL-TIME UPDATES IN THE WIRE. CLICK HERE<<<

 

 

Hong Kong stocks rallied on Thursday after lower-than-expected CPI in the US eased market expectation for more interest rate hikes by the Federal Reserve and the sharp strengthening of the Chinese yuan.

The Hang Seng Index gained 2.6% to close at 19,350, the Hang Seng China Enterprises Index up 2.6% and the Hang Seng Tech Index surging 3.8%. 

Technology heavyweights rallied across the board, with Kuaishou surging nearly 8%, JD.com up more than 6%, Meituan up 5.7%, after the Chinese Premier Li Qiang and the state planner NDRC vowed support for the development of the platform economy. 

Precious metal companies, biotech companies, catering companies, breweries, sports goods companies, oil companies, mobile game companies and financial institutions were higher across the board.

Solar power companies, agriculture companies, car dealers and electric power companies underperformed.