Hong Kong stocks rise for third day as China's services PMI beats expectations
Hong Kong
stocks rose for a third day on Thursday, putting the benchmark on course for its longest winning streak in four weeks, after a private report on China's services industry allayed concerns that the economic recovery has stalled.
Advertisement
The Hang Seng Index added 0.9 per cent to 23,880.49 at 10.05am local time. The Hang Seng Tech Index gained 1.5 per cent. On the mainland, the CSI 300 Index and the Shanghai Composite Index both retreated 0.1 per cent.
Alibaba Group Holding gained 2.7 per cent to HK$117.70 and Tencent Holdings advanced 0.2 per cent to HK$513. Short-video platform Kuaishou Technology rallied 4.7 per cent to HK$54.45 and China Resources Land climbed 4.9 per cent to HK$26.55.
The Caixin China services purchasing managers' index rose to 51.1 in May from 50.7 in April, according to index compilers Caixin and S&P Global on Thursday. That exceeded the consensus forecast of 51 in a Bloomberg poll. A reading above 50 suggests expansion.
Other major Asia-Pacific markets were mixed. Japan's Nikkei 225 slipped 0.1 per cent, while South Korea's Kospi rallied 2 per cent, extending the gain spurred by the election of a new president, and Australia's S&P/ASX 200 added 0.1 per cent.
Advertisement
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
South China Morning Post
an hour ago
- South China Morning Post
Xi-Trump phone call fails to spark much enthusiasm on Chinese factory floors
As two of the world's most powerful leaders – President Xi Jinping and US counterpart Donald Trump – exchanged rare conciliatory words in a phone call that signalled a potential thaw in China-US tensions, the mood on factory floors in China remained far more restrained. Exhausted by continual policy shifts and disillusioned by Trump's volatility, many manufacturers are delaying major moves until clearer signals emerge. 'No one jumps on Trump's word any more,' said Winnie Lam, general secretary to the board of the Hong Kong Business Association Vietnam. 'Especially, no one will make any long-term decision when it is not a signed agreement, Vietnam-US or China-US. 'If a project is on hold, the status remains as is. Those going ahead are forging ahead. Not seeing any sudden pullback at this point.' During their conversation on Thursday, the first in two months, Xi and Trump discussed the troubled trade relationship between China and the United States, Chinese rare earth exports and overseas students. They also extended invitations for visits to their respective national capitals.
South China Morning Post
an hour ago
- South China Morning Post
Hong Kong police to take down fake news report about Andy Lau resembling SCMP
Police will take down a fake news report purporting to be from the South China Morning Post about superstar actor Andy Lau Tak-wah being sued by the Hong Kong Monetary Authority over his investment advice, the Post has learned. A police source said on Friday that the force's cyber security and technology crime bureau was handling the case and would take down the fabricated report as soon as possible. The website was designed to appear like the Post's. The fake article claimed the Monetary Authority had sued Lau over statements he made during a live broadcast, in which he shared his tips on becoming rich through a cryptocurrency trading platform, with a deposit of HK$2,000 (US$254) generating a million dollars in months. 'Give me 2,000 HKD, and with the Immediate FastX platform I'll make a million in 12 to 15 weeks!' Lau was quoted as saying in the article. 'This platform is the perfect solution for those who want to get rich quick. It's built on self-learning artificial intelligence, which exchanges cryptocurrencies for you.'
South China Morning Post
2 hours ago
- South China Morning Post
Crypto confiscated in Beijing to be liquidated in Hong Kong through licensed exchanges
Beijing's police authority has unveiled a plan for liquidating cryptocurrencies confiscated in criminal cases by selling them through licensed exchanges in Hong Kong, a move that could aid the southern city's efforts to become a virtual asset hub. The municipal Public Security Bureau in Beijing said on Thursday that it has partnered with the China Beijing Equity Exchange (CBEX) to offload seized cryptoassets through regulated platforms in Hong Kong. Under the 'Framework Agreement on Handling Seized Virtual Currencies', CBEX will be responsible for appointing third-party agencies to sell the assets through the exchanges. Proceeds will be converted into yuan and deposited in designated accounts, according to a statement posted on the bureau's official WeChat account. This marks the first time that a mainland agency has detailed a process for disposing of confiscated cryptoassets, while working within Hong Kong's virtual asset regime to offload them. Mainland China enforces a strict ban on crypto trading, complicating efforts to handle such assets seized by law enforcement. From 2019 to June 2024, Chinese authorities publicly documented 2,206 criminal cases involving digital currencies, according to Wolters Kluwer's database. In a September report, the People's Court Daily, a newspaper under the Supreme People's Court, estimated that the value of cryptocurrencies awaiting disposal by Chinese authorities by the end of 2022 exceeded several billion US dollars. In 2023, the value of crypto involved in criminal cases surged to 430.7 billion yuan (US$60 billion), a 12-fold increase from the previous year.
