Alibaba, Tencent lead Hong Kong tech rally after upbeat China online sales data
Shares of Chinese internet giants jumped in Hong Kong, after official data showed better-than-expected October retail sales in the world’s second-largest economy.
Alibaba Group Holding Ltd. BABA, +0.79% 9988, +11.33% jumped 9.8%, Kuaishou Technology 1024, +8.17% surged 8.7%, Tencent Holdings Ltd. 700, +9.98% rose 8.0% and Meituan 3690, +6.65% was up 5.8%. The Hang Seng Tech Index HSXTCHINDXXX, +6.70% has gained as much as 7.7% and was last up 6.1% The sector’s sharp upturn came after China’s National Bureau of Statistics said online retail sales of physical goods rose 7.2% in the first 10 months of the year. The number, closely watched by investors as an indicator of the country’s consumption trends, outpaced a 6.1% rise in the January-to-September period.
Jefferies analysts estimate that online retail sales grew more than 15% in October, accelerating from the three consecutive months of below-10% growth seen since July.
Singapore Latest News, Singapore Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Hong Kong protest song plays instead of China anthem in rugby final mix-up | CNNThe Hong Kong government on Monday demanded an investigation after a song associated with the city's pro-democracy movement was played instead of the Chinese national anthem before a rugby sevens match between Hong Kong and South Korea.
Read more »
Shares in Hong Kong jumped 593 points or 3.4% to trade at near 6-week highsNevertheless, the news from Friday of sweeping directives to rescue China's property sector in the strongest signs yet that President Xi Jinping is tu
Read more »
Hong Kong to avoid FTX-like scenario through transparency and supervisionHong Kong's Financial Secretary didn't take offense at FTX's collapse. Instead, he highlighted the importance of maintaining safety and properly managing risks.
Read more »
Hong Kong Crypto Platform Hbit's $18.1M Stuck in FTXIn an announcement to shareholders on Monday, New Huo Technologies Holdings Limited, said regarding its subsidiary, that $13.2 million of the money belonged to clients, while, $4.9 million were Hbit assets.
Read more »
South Korean Rugby Tournament Apologizes for Playing Hong Kong Protest SongThe South Korean Rugby Union on Monday apologized for playing the protest song “Glory to Hong Kong” instead of the Chinese Communist anthem at the men’s finals match in Incheon.
Read more »
Police probe playing of Hong Kong protest anthem at Sevens rugby finalHong Kong police are investigating the playing of a song that was the unofficial anthem of the city's anti-government protests at the men's final of the Sevens Series rugby tournament in South Korea this weekend
Read more »