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.
Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.