Hong Kong stocks head for weekly gain on earnings optimism; Wuxi AppTec rallies
The Hang Seng Index rose 1.4 per cent to 24,355.75 at 10.03am local time and the Hang Seng Tech Index gained 1.2 per cent. On the mainland, the CSI 300 Index climbed 0.6 per cent and the Shanghai Composite Index added 0.5 per cent.
Wuxi AppTec jumped 8.7 per cent to HK$86.75 after saying its first-half profit likely more than doubled from a year earlier. Affiliate Wuxi Biologics surged 3.5 per cent to HK$26.60. Alibaba Group Holding, owner of the Post, added 1.7 per cent to HK$105 and Tencent Holdings gained 0.9 per cent to HK$501.
The Hang Seng Index has risen 1.7 per cent this week, approaching a one-week high, as investors moved on from tariff news even after US President Donald Trump unveiled levies on a slew of key trading partners. Sentiment also got a lift ahead of a Politburo meeting scheduled for later this month, with recent data showing that entrenched deflation raised expectations about more robust stimulus measures.
Other major Asia-Pacific markets were mixed: Japan's Nikkei 225 was little changed, South Korea's Kospi rose 0.3 per cent and Australia's S&P/ASX 200 lost 0.1 per cent.
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