Hong Kong stocks rallied, tech stocks higher across the board, defence stocks retreated
Hong Kong stocks rallied, tech stocks higher across the board, defence stocks retreated

Hong Kong stocks rallied, tech stocks higher across the board, defence stocks retreated

 

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Hong Kong stocks saw a strong rally on Thursday, with the benchmark Hang Seng Index surging 2.06% to 20,174, the Hang Seng China Enterprises Index up 2.12%, and the Hang Seng Tech Index jumped 3.18%.

Technology heavyweights are higher across the board, with JD.com and Alibaba Group surging more than 5%, Xiaomi and Baidu up more than 4%, Meituan, Tencent and Kuaishou also higher.

Apple’s suppliers rallied on report that Apple will refrain from hiking prices for iPhone 14. Semiconductor companies, biotech companies, lithium battery producers, mobile game companies, catering companies and automakers were mostly higher.

Defence stocks declined after recent rally amid geopolitical tensions. Shipping companies and oil companies underperformed.

Chinese A-shares closed higher on Thursday, with the benchmark Shanghai Composite Index up 0.8% at 3,189, the Shenzhen Component Index up 0.69% and the tech-heavy Chinext Price Index up 0.45%.

Education companies, electric power companies, airport operators, liquor makers and semiconductor companies led the gains, while defence stocks, automakers, auto parts suppliers, coal miners were mostly lower.