Hong Kong shares boosted by Alibaba, Meituan; gains capped as services activity slows

By Jerry  Published On July 11, 2024
Hong Kong stocks advanced for a third straight day as heavyweight Alibaba Group sparked a tech rally, while mainland investors lent support piling into high dividend stocks. Gains were tempered by data that showed slowing momentum in service activity.

The Hang Seng Index closed up 1.2 per cent to 17,978.57 on Wednesday after briefly topping the 18,000 level, with the Tech Index rallying 2.5 per cent in a rebound from two-month lows. The Shanghai Composite Index declined 0.5 per cent.

E-commerce group Alibaba rallied 2.5 per cent to HK$72.20, its best gain in two weeks, after the company said it rewarded shareholders with US$5.8 billion in share buy-backs last quarter. Food delivery platform Meituan jumped 4.3 per cent to HK$117.10 and search engine operator Baidu jumped 2.7 per cent to HK$86.20, while electric vehicle maker jumped 5.4 per cent to HK$77.75.

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