Hong Kong stocks surge as China's second-quarter growth exceeds expectations
stocks rose by the most in two weeks on Tuesday after China's second-quarter economic growth came in above expectations.
The Hang Seng Index advanced 1.4 per cent to 24,545.57 at 10am local time, the most since June 24, adding to the 0.3 per cent increase on Monday. The Hang Seng Tech Index jumped 2 per cent. On the mainland, the Shanghai Composite Index slipped 0.1 per cent, while the CSI 300 Index rose 0.4 per cent.
E-commerce giant Alibaba Group Holding jumped 2.1 per cent to HK$108.30, while online games provider NetEase rose 2.5 per cent to HK$207.20 and cordless power tools producer Techtronic Industries surged 4 per cent to HK$90.45. Electric-car maker Li Auto added 2.8 per cent to HK$114.60 and peer BYD strengthened 1.8 per cent to HK$122.60.
Trimming the gains, sportswear maker Li Ning fell 2.7 per cent to HK$15.62, while jeweller Chow Tai Fook Jewellery declined 0.9 per cent to HK$14.04.
China's economy grew at 5.2 per cent year on year in the second quarter, above the 5.17 per cent forecast by data provider Wind, keeping it on track to meet this year's official target of around 5 per cent.
Meanwhile, China's home prices dropped 0.3 per cent month on month in June, the steepest decline in eight months, according to official data released on Tuesday. The disappointing data weighed on mainland Chinese property stocks, with Longfor Group retreating 2.1 per cent to HK$10.22 and China Resources Land falling 0.5 per cent to HK$29.35.
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