Hong Kong stocks on track for weekly gain after US indexes refresh record highs

The Hang Seng Index was up 0.7 per cent at 24,676.64 as of the noon trading break, after rising as much as 1.3 per cent to hit the highest level since February 2022. This index has gained 2.2 per cent this week, the most in three weeks.

The Hang Seng Tech Index added 0.8 per cent. On the mainland, the CSI 300 Index rose 0.5 per cent, while the Shanghai Composite Index gained 0.3 per cent.

E-commerce leader Alibaba Group Holding rose 2.2 per cent to HK$115 and peer JD.com gained 2.5 per cent to HK$127.60. Online game operator NetEase added 1.6 per cent to HK$211.40, while food delivery platform Meituan increased 1.4 per cent to HK$127.20.

Electric-vehicle maker Li Auto fell 1.7 per cent to HK$122, while peer Geely Automobile Holdings dropped 1.7 per cent to HK$18.70. Hong Kong property developer Sun Hung Kai Properties slid 0.9 per cent to HK$90.55.

Overnight in the US, the S&P 500 added 0.5 per cent and the Nasdaq Composite advanced 0.8 per cent to close at fresh record highs, lifted by robust economic data and upbeat corporate earnings that underscored resilient consumer spending. Retail sales rose in June, while unemployment fell for a fifth consecutive week to the lowest level since mid-April.