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Hong Kong stocks rallied on Tuesday, with the benchmark Hang Seng Index up 1.16% to close at 18,781, the Hang Seng China Enterprises Index up 1.06%, and the Hang Seng Tech Index up 2%.
Technology stocks rebounded after days of sell-offs, with NetEase and JD.com up nearly 4%, Baidu and Alibaba up about 3%, Kuaishou, Meituan and Tencent up more than 1%.
Casino operators rallied after Macau and its neighbouring Zhuhai city relaxed Covid test requirement for arrivals and a Chinese official pledged to study and introduce supportive measures to support development of Macau’s tourism sector. Read more …
Automakers staged a strong rally, with Xpeng Motors surging 8.85%, Li Auto up 5.8%, Nio up 4.6% and BYD Company up 2.9%. Retailers, mobile game companies, semiconductor companies and airlines were mostly higher, while catering companies, education companies, electric power companies, mainland insurance companies, cement makers and other building material suppliers underperformed.
Chinese A-shares closed higher on light volume, trading turnover hit new low this year
The benchmark Shanghai Composite Index gained 0.22% to close at 3,122, the Shenzhen Component Index up 0.69% and the tech-heavy Chinext Price Index up 0.7%.
The total stock trading turnover reached 651 billion yuan, a new low so far this year.
Auto parts suppliers, lithium mining companies, base metal companies, catering and tourism companies and petrochemical companies led the gains, while insurance companies, property developers, banks, home appliance makers and agriculture companies underperformed.
