Hang Seng Finishes 0.5% Higher
The Hang Seng rose 102 points or 0.5% to close at 20,701 on Tuesday following a subdued session the day before, as most sectors advanced.
Investors await details on potential stimulus measures from a major Chinese leadership meeting next week, amid hopes for approval of additional government bonds as Nomura estimated around CNY 1 trillion. The tech index added around 1%, driven by strong performance from Sunny Optical Tech (3.5%), Baidu Inc. (2.5%), and Meituan (1.9%). Financials and consumer stocks also increased after Beijing Monday announced measures to encourage births after two years of population decline.
HSBC Hong Kong surged 2.9%, reaching a six-year high, on better-than-expected Q3 profits and plans for more share buyback of up to $3 billion, adding to a $6 billion buyback program announced earlier this year. Strength was tempered by caution ahead of China's October Manufacturing PMI and concerns over a 27.1% yoy plunge in Chinese industrial profits for September.
Source: Trading Economics
