Hong Kong stocks halt seven-day rot as Meituan, Tencent lead market rebound

stocks, its longest losing streak, plans to hire 60,000 employees in 2021, seeking to raise US$10 billion, added to the benchmark this week

Hong Kong stocks gained as traders looked to overnight gains in US equities for inspiration and arrest a seven-day slump.

The Hang Seng Index rose 0.4 per cent to 28,851 at the midday trading break. The gauge has lost about 2.5 per cent in its longest losing streak since late 2015. The Shanghai Composite fell 0.3 per cent, and the CSI 300 dropped 0.8 per cent.

Meituan advanced 2.6 per cent to HK$305.60, the most since June 1. The operator of China’s largest on-demand delivery and local services platform plans to hire 60,000 employees in 2021, almost doubling its headcount. The stock has the largest weighting in the benchmark at 8 per cent.

Tencent Holdings added 0.4 per cent to HK$603. China’s biggest ride-hailing firm Didi Chuxing, which counts Tencent among its financial backers, disclosed its US listing plan, seeking to raise US$10 billion at a company valuation of US$100 billion, Reuters reported.

Solar panel glass manufacturer Xinyi Solar rose 4.5 per cent to HK$14.74. The company was added to the benchmark this week.

Chinese oil giants rose as a report from OPEC on Thursday predicted oil demand to grow by about 5 million barrels a day in the second half of 2021, compared to the first half. PetroChina, Sinopec and CNOOC rose by 2.3 per cent to 4.1 per cent.

Stocks on Wall Street rose overnight as investors dismissed a surge in US inflation as temporary. The S&P 500 climbed 0.5 per cent to a record high, while the Nasdaq Composite gained 0.8 per cent. Consumer prices jumped 5 per cent in May from a year earlier, the most in nearly 13 years.

“The market’s reaction shows that US inflation is still not sufficient to break away from the transitory factors narrative,” said Anderson Alves, global macro analyst at ActivTrades, said in an report. Traders will be watching whether these factors become persistent, he added.

Markets in the Asia-Pacific region were mixed. Japan’s Nikkei 225 was little changed, while South Korea’s Kospi rose 0.6 per cent. Australia’s S&P/ASX 200 appreciated 0.3 per cent.

Two companies debuted on the mainland. In Shanghai, battery product manufacturer Guangdong Greenway Technology rose 228 per cent from its listing price of 25.91 yuan. In Shenzhen, Zhejiang Hongchang Electrical Technology gained 102 per cent from its debut price of 37.60 yuan.

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