Chinese Tech Companies Help Hong Kong Stock Exchange to Solid Profit

The Hong Kong stock exchange posted a solid gain on Tuesday, led by Chinese technology companies. Hopes that the Chinese government will take less strict action against the big tech companies were further fueled after a meeting between the authorities and top executives of the companies.

 

Advice increases for Chinese tech companies by investment bank JPMorgan also supported sentiment in the sector.

Large tech companies such as Tencent will publish results on Wednesday, and online store group Alibaba rose 4 and 6 percent. JD.com added more than 5 percent ahead of the online retailer’s results. Meal deliverer Meituan climbed almost 5 percent. Partly due to this, the Hang Seng index in Hong Kong recorded an interim gain of 2.5 percent.

The Shanghai stock market was up 0.6 percent. No new corona infections have been observed in recent days in Shanghai’s important Chinese business and port city. The authorities have previously indicated that the metropolis will fully reopen before the summer after the strict lockdown in recent weeks.

The Nikkei in Tokyo ended 0.4 percent in the plus at 26,659.75 points. The Kospi in Seoul won 0.8 percent, and the All Ordinaries in Sydney climbed 0.3 percent. The minutes of the latest policy meeting of the Australian central bank showed that interest rates could be raised further to contain inflation. In the previous interest rate decision, interest rates in Australia were raised for the first time in ten years.

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