12 Mar Hong Kong stocks rise to their highest this year as buy-back propels market higher
Hong Kong stocks rise to their highest this year as buy-back propels market higher
The Hang Seng Index gained 1.3 per cent to 16,796.27 as of 9.55am local time. The Hang Seng Tech Index advanced 2.5 per cent and the Shanghai Composite Index retreated 0.2 per cent.
Drug maker Wuxi AppTec climbed 6 per cent to HK$51.95 after saying it spent 50 million yuan (US$7 billion) repurchasing its onshore shares trading in Shanghai on Monday. Affiliate Wuxi Biologics rallied 6.4 per cent to HK$18.84. Insurer AIA Group and conglomerate Swire Pacific also conducted stock repurchases on Monday.
Smartphone maker Xiaomi added 5.8 per cent to HK$14.16 after unveiling its long-awaited electric vehicle. Alibaba Group Holding rose 1.9 per cent to HK$74.15 and Tencent Holdings strengthened 2.3 per cent to HK$285.
Traders are also awaiting the data on US inflation due Tuesday night that will offer further clues on the directions of the monetary policies of the US Federal Reserve. Consumer prices probably increased 3.1 per cent from a year earlier in February, unchanged from a 3.1 per cent gain for the previous month, according to the consensus estimate of the economists tracked by Bloomberg.
Other major Asian markets were mixed. Japan’s Nikkei 225 slid 1.3 per cent, while South Korea’s Kospi rose 0.3 per cent and Australia’s S&P/ASX 200 added 0.2 per cent.
