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Hong Kong stocks rallied as the impact of the Silicon Valley Bank’s collapse is easing, Premier Li Qiang’s speech lifted market confidence and the Chinese yuan strengthened sharply against the US dollar amid expectation of slower rate hikes by the US Federal Reserve.
The Hang Seng Index gained 1.95% to close at 19,695, the Hang Seng China Enterprises Index up 2.2% and the Hang Seng Tech Index closing 2.9% up after surging as much as 4.6% intraday.
Technology heavyweights supported the market, with Kuaishou gaining over 4%, Tencent rising 4%, NetEase and Baidu up more than 3%, and Alibaba, Xiaomi, and Meituan all closing higher. Precious metal companies outperformed amid rising gold prices and expectation of slower rate hike by the Fed.
Infrastructure stocks rallied, with China Railway Construction surging more than 7%. Oil companies, telecoms companies, mobile gaming firms, coal miners, Hong Kong retailers, and airlines were mostly higher.
Mainland property developers mostly closed down, led by Jiayuan International slumping over 26%. Biopharmaceutical companies and lithium battery producers were mostly lower.
