Hong Kong Stocks Rebound as China Vows Tech Support; Geely Automobile Soars 5%

MT Newswires Live

02-18

Hong Kong stocks rebounded on Tuesday as China pledged support for the tech business sector, reinforcing technological innovation as the way forward.

The Hang Seng Index surged 1.59%, or 360.58 points, to end at 22,976.81. The Hang Seng China Enterprises Index added 1.82%, or 151.73 points, to 8,475.4.

Tech stocks rallied after Chinese President Xi Jinping vowed to provide stronger safeguards for business owners and facilitate them in the expansion of their access to markets on Monday, an SCMP report said citing Xinhua News Agency.

Xi reinforced that innovation in the tech niche is the best gameplan in the midst of strained relations with the US.

Tech giant Xiaomi (HKG:1810) surged more than 7% as investors piled into tech stocks, with Alibaba Group (HKG:9988) soaring over 3% and each of Tencent (HKG:0700) and Meituan (HKG:3690) logging a 2% rise.

In corporate news, Geely Automobile (HKG:0175) surged over 5% as its substantial shareholder, Zhejiang Geely Holding Group, expanded its cooperation with Renault for the development and production of zero and low emission vehicles.

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