Hang Seng Comeback?
Hong Kong's stock market rebounded after a one-day hiatus. Signs of stabilization in the property sector and gains in technology stocks boosted positive sentiment. As of 9:55 a.m. local time, the Hang Seng Index rose 1.3% to 27,191.99, and Hang Seng Tech rose 2.2%.
Tech stocks led the way: Kuaishou surged 8%, Baidu and Alibaba both rose 3.7%, JD.com rose 2.5%, Tencent added 2.1%, Meituan 1.8%, and Xiaomi 1.9% after reporting deliveries of over 40,000 cars in September. Meanwhile, Trip.com fell 1.9%, Pop Mart 1.5%, Li Auto 0.7%, and Anta Sports 1.2%. Mainland Chinese markets were closed until October 8th for National Day and the Mid-Autumn Festival.
On the property front, sales of China's 100 largest developers edged up 0.4% in September to 252.8 billion yuan, reversing a 17.6% decline in August. This slight increase comes after nearly three years of policy support, including the recent easing of purchasing rules in Beijing and Shanghai.
Positive sentiment was also evident elsewhere in Asia: Japan's Nikkei 225 rose 0.6%, Australia's S&P/ASX 200 rose 1.3%, and South Korea's Kospi surged 3.1%. Overall, good news from the property sector and a rally in technology stocks were the main drivers of the region's market rally.
Source: Newsmaker.id
