Hong Kong stocks hit 3-year high after US indexes refresh record highs

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Hong Kong stocks rose to a three-year high on Friday, mirroring Wall Street’s rally that was fuelled by strong US consumer data and earnings optimism, as investors bet on steady economic growth and cooling inflation.

The Hang Seng Index closed up 1.3 per cent at 24,825.66, the highest level since February 2022, pushing the index’s gains for the week to 2.8 per cent, the most in three weeks.

The Hang Seng Tech Index added 1.7 per cent. On the mainland, the CSI 300 Index rose 0.6 per cent, while the Shanghai Composite Index gained 0.5 per cent.

Logistics firm ZTO Express jumped 6.5 per cent to HK$152.10. E-commerce leader Alibaba Group Holding rose 2.9 per cent to HK$115.80 and peer JD.com gained 3 per cent to HK$128.20. Online game operator NetEase added 2.5 per cent to HK$213.20, while food delivery platform Meituan increased 1.4 per cent to HK$127.30.

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Casino operator Galaxy Entertainment eased 0.9 per cent to HK$37.35, while peer Sands China slipped 0.9 per cent to HK$18.48. Photovoltaic glass manufacturer Xinyi Solar Holdings slumped 3.4 per cent to HK$2.83, while electric-vehicle maker peer Geely Automobile Holdings dropped 0.5 per cent to HK$18.92. Hong Kong property developer Sun Hung Kai Properties fell 0.5 per cent to HK$90.90.