The Hang Seng Index rallied for a third day, adding 1.8 per cent to 16,225.69 at 11.40am local time, taking the advance this week to more than 3 per cent, while the Tech Index jumped 2.5 per cent. Financial markets in mainland China will reopen on Monday after a week-long Lunar New Year holiday.
Alibaba Group, the owner of the South China Morning Post, has risen 5.6 per cent in the past one month. Still, the stock has lost almost 30 per cent of its value over the past one year amid earnings disappointment, business headwinds and regulatory challenges at home.
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The ins and outs of giving lai see over Lunar New Year
The ins and outs of giving lai see over Lunar New Year
Market sentiment improved after Chinese authorities stepped in earlier this month to put a floor under the trillion-dollar market rout since early 2021. Beijing also boosted market confidence through purchases by state investment funds and measures to curb short selling.
Bridgewater cuts more Chinese stocks while Temasek, PIF hold for turnaround
Bridgewater cuts more Chinese stocks while Temasek, PIF hold for turnaround
Meanwhile, Kuaishou Technology added 1.5 per cent to HK$44.80, Swire Properties 2.6 per cent to HK$15.26 and electric-car maker Xpeng gained 6.1 per cent to HK$37.55, while JD Logistics surged 5.1 per cent to HK$7.66. Analysts at China’s biggest investment bank CICC said they are candidates for benchmark index inclusion.
Elsewhere, major Asian markets traded higher, tracking overnight gains in US equities. The Nikkei 225 in Japan and the Kospi Index in South Korea both surged by 1 per cent, while the S&P ASX 200 in Australia gained 0.7 per cent.
