Hong Kong stocks rose on Tuesday as global investors broadened their focus beyond US markets, fuelling gains across Asian equities, while the yuan advanced to its strongest level against the US dollar since May 2023.
Chinese pharmaceutical and healthcare shares continued to lead the rally. WuXi AppTec, Asia’s largest provider of contract pharmaceutical research, climbed 6 per cent to HK$117.70. CSPC Pharmaceutical Group gained 4.7 per cent to HK$9.90, while Hansoh Pharmaceutical rose 4.5 per cent to HK$42.46.
Limiting the gains, Chinese hot pot chain Haidilao International Holding fell 2 per cent to HK$14.48, and Tingyi Cayman Islands Holding, which manufactures popular instant noodle Kang Shi Fu, fell 1.9 per cent to HK$12.22. Hong Kong developer Hang Lung Properties lost 1.8 per cent to HK$9.20.
“The Hong Kong market has been largely driven by moves in mainland A shares,” said Kenny Ng Lai-yin, a strategist at Everbright Securities International. “A rebound in some tech names such as Alibaba [Group Holding] has also lifted the index.”
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