Hong Kong stocks cap best winning streak in 3 months amid regional recovery
- The city’s benchmark index has climbed for five straight trading days after plunging to a three-month low last week.
The Hang Seng Index added 0.4 per cent to 17,174.06 on Tuesday, the fifth straight day of gains and the best winning streak in three months. The Tech Index was little changed, while the Shanghai Composite Index jumped 0.3 per cent.
Tencent jumped 1.3 per cent to HK$380, the highest level in a month, as its earnings card due Wednesday is likely to show profit surged 54 per cent last quarter. Pork producer WH Group rallied 5.1 per cent to HK$5.53 before earnings release today, while Sands China jumped 2.7 per cent to HK$13.92 to recoup losses on Monday. CNOOC rose 1.6 per cent to HK$20.05 after oil prices spiked amid rising fears of expanded Middle East conflicts.
Limiting gains, Li Auto dropped 1.6 per cent to HK$75.80, leading a retreat among electric vehicle makers. Food delivery platform Meituan slipped 0.8 per cent to HK$103.20 and gaming firm NetEase declined 1.9 per cent to HK$138.10.
Still, it remains to be seen whether the rebound will hold up, as the fundamentals have not yet turned the corner and global funds flowing into the city are doing so mainly due to the need to rebalance because of low valuations, analysts said.