Latest news with #Tencent Holdings
South China Morning Post
a day ago
- Business
- South China Morning Post
Hong Kong stocks on course for nearly 4-year high on Tencent earnings beat
A stellar run on Hong Kong stocks gained traction on Thursday, with the benchmark heading for a level not seen in almost four years after better-than-expected earnings by Tencent Holdings added to signs that China's economic activity is picking up. The Hang Seng Index rose 0.2 per cent to 25,674.25 as of 10.56am local time, on track for its highest close since November 16, 2021. The Hang Seng Tech Index gained 0.1 per cent. On the mainland, the CSI 300 Index climbed 0.7 per cent and the Shanghai Composite Index added 0.3 per cent. Tencent, the second-biggest weighting on the Hang Seng Index, gained 1 per cent to HK$592. Semiconductor Manufacturing International advanced 3.8 per cent to HK$54.05 and Anta Sports Products added 2.9 per cent to HK$92.60. Second-quarter net income for Tencent rose 16 per cent from a year ago to 55.6 billion yuan (US$7.8 billion) based on the global accounting standard, the social-media giant said on Wednesday after the market closed. That beat the consensus estimate of 50.8 billion yuan in a Bloomberg survey of analysts. Sales increased for the 11th quarter, with a 15 per cent increase. 'Hong Kong stocks still have upside room,' said Yan Zhaojun, an analyst at Zhongtai Securities. 'Expectations for corporate earnings are stable. Earnings for the upstream industries will be revised upward because of China's move to cut excessive capacities in the anti-involution campaign.'
South China Morning Post
3 days ago
- Business
- South China Morning Post
Hong Kong stocks trade sideways as investors focus on economic data, earnings
Hong Kong stocks traded in a narrow range on Tuesday, as traders looked past the US tariff pause extension to focus on economic data and earnings. Advertisement The Hang Seng Index fell 0.1 per cent to 24,891.37 as of 10.09am local time. The Hang Seng Tech Index dropped 0.4 per cent. On the mainland, the CSI 300 Index and the Shanghai Composite Index gained at least 0.3 per cent. Kuaishou Technology dropped 2.5 per cent to HK$76.75 and Alibaba Group Holding fell 1.4 per cent to HK$116.90. Tencent Holdings retreated 0.3 per cent to HK$559.50 before its interim report on Wednesday. Market sentiment will be tested, as some of the Hang Seng Index constituents release earnings this week. China's statistics bureau will disclose the July economic data on Friday, offering fresh clues on how the world's second-largest economy fared after first-half growth topped estimates. Investors took the tariff-extension news in their stride, as the outcome was in line with expectations. US President Donald Trump on Monday signed an executive order extending the tariff truce with China by 90 days until November 10, while China also made a similar statement. Advertisement Elsewhere in Asia-Pacific, Japan's Nikkei 225 jumped 2.5 per cent, South Korea's Kospi rose 0.8 per cent and Australia's S&P/ASX 200 added 0.1 per cent.
