HK stocks close up 5.9 percent
Hong Kong stocks soared on Wednesday as investors returned from a public holiday to play catch-up, with a global rally fuelled by easing concerns about central bank interest rate hikes. The Hang Seng Index climbed 5.90 percent, or 1,008 points, to 18,088, having piled on more than six percent at one point. Mainland markets are closed all week for a national holiday. The surge came in line with an advance across world markets after months of hefty losses and following data indicating the US economy was showing signs of slowing, allowing the Federal Reserve to take its foot off the gas. Tech firms were among the biggest winners, with e-commerce titan Alibaba rising more than eight percent, Tencent was up nearly six percent and NetEase closed more than eight percent higher. JD.com and XD each soared more than 10 percent. The Hang Seng has endured a tough year, losing about a quarter of its value, as Hong Kong was hit by the impact of Covid restrictions at home and lockdowns on the mainland that hammered the world's number two economy. But there has been some upbeat news of late, with SAR leaders easing strict hotel quarantine rules for incoming travellers, fuelling hopes for the economy. That has helped tourism-linked firms to rally, particularly Macau casinos, with Wynn Macau up more than seven percent, Sands China up 5.5 percent and MGM China close to five percent higher. Airline Cathay Pacific jumped 1.5 percent. However, analysts remained cautious. "We are not moving in as yet since our last move into Hong Kong-listed stocks in the third quarter didn't deliver," said Kerry Goh, of Kamet Capital Partners. (AFP)