Hong Kong market rises as tech stocks rally, after White House signals Biden-Xi talks

Joe Biden, Hang Seng Index, Biden, Russian President, Vladimir Putin

Hong Kong stocks rose on Friday for the second day this week buoyed by technology shares tracking rallies on Wall Street, after the White House signalled direct talks between US President Joe Biden and Chinese President Xi Jinping were on the cards.

The Hang Seng Index rose 0.6 per cent to 28,728.14 before lunch on Friday. On the mainland, the Shanghai Composite Index fell 0.5 per cent to 3,508.29.

The White House has said direct talks between Biden and Xi could be held as early as next month, after the US president’s meetings with Russian President Vladimir Putin this month. The meeting could continue to boost investor sentiment, which has been dented by a recent ratcheting up of pressure on China by the North Atlantic Treaty Organization and G7 countries.

Stocks in the US were mixed overnight, with the technology-heavy Nasdaq rising, and the S&P 500 and Dow Jones Industrial Average gauges declining.

The Hang Seng Tech Index gained 1.5 per cent as well on Friday, with technology stocks in Hong Kong rebounding from their lowest level in almost a month. They were down earlier because of regulatory risks and US Federal Reserve policy uncertainties.

JD.com advanced 3.8 per cent after transactions on its platform rose by more than 10 times year on year during the first three minutes of its 618 promotion on Friday. The promotion started at midnight. Meituan added 3.6 per cent and Tencent gained 0.8 per cent.

Sportswear firms and automobile stocks also gained. Anta Sports Products was among the biggest winners, up 5.9 per cent, while 361 Degrees International advanced 4.9 per cent and Li Ning added 1.3 per cent. BYD Company rose 3.1 per cent and Geely Auto gained 2.6 per cent.

The market sentiment has been “calm” after a statement by the US Federal Reserve on monetary policy and economic projections on Thursday, said Louis Tse Ming-kwong, managing director of Wealthy Securities in Hong Kong. Traders were buying technology stocks that had experienced deep corrections for some time, he said. They were switching from cyclical stocks to technology companies, he added.

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