3 days ago
Hong Kong Stocks Gain as Alibaba, Crypto Plays Rally
Hong Kong stocks ended higher on July 18, tracking gains across global markets and buoyed by strength in Chinese tech giants. The Hang Seng Index climbed approximately 0.6% to close near 24,650, marking one of its strongest finishes in recent months.
The uptick came amid broad-based optimism across Asian markets, driven by encouraging US economic data and upbeat earnings from major American companies. The MSCI Asia-Pacific ex-Japan Index advanced around 0.7%, hitting its highest level since 2021, with Hong Kong equities among the top regional performers.
Tech stocks led the charge, with Alibaba surging nearly 2.9%, supported by China's latest GDP figures and reports of US approval for Nvidia chip sales to China. Investors interpreted the developments as a positive sign for China's tech ecosystem and export-sensitive industries.
Meanwhile, cryptocurrency-related shares also rallied. Names such as Linekong posted gains of up to 7%, following the US House of Representatives' passage of a stablecoin regulatory bill. The move sparked hopes for greater legitimacy and global adoption of digital assets, offering a tailwind for crypto-linked companies in Hong Kong.
Despite ongoing global trade tensions, investor sentiment was buoyed by strong US retail sales and labour market data, which helped ease concerns about broader economic headwinds. The continued rebound in semiconductor demand further added to market confidence, especially among tech-heavy bourses like Hong Kong.
Outlook: Investors will now shift focus to upcoming Chinese economic releases and further US earnings results. With sentiment on firmer footing, market participants are cautiously optimistic about the Hang Seng's ability to sustain its recent upward momentum. Related
