Li Auto, Xpeng lead EV winners as Hang Seng hits 7-week high and logs best month since May

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The Hang Seng Index completed another winning week as gains in EV makers lifted the market to its highest close since July 15

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People walking past electronic boards outside the Exchange Square in Central in April 2024. Photo: Jelly Tse.

Mia Castagnonein Shanghai

Published: 10:30am, 30 Aug 2024Updated: 4:55pm, 30 Aug 2024

Hong Kong stocks rose, logging another winning week after investors scooped up Chinese electric vehicle makers like Li Auto, Xpeng and BYD after a recent sell-off. Regional markets also appreciated as sentiment improved on the back of positive US economic signs.

The Hang Seng Index advanced 1.3 per cent to a seven-week high of 17,989.07 on Friday, bringing the rally this week to a 2.1 per cent. The Tech Index jumped 2.9 per cent, while the Shanghai Composite Index added 1.3 per cent.

Nio led gainers with a 10.7 per cent surge to HK$33.60 while Xpeng jumped 8.3 per cent to HK$31.85, Li Auto climbed 7.8 per cent to HK$78.85 and Geely Auto gained 2.2 per cent to HK$8.82. BYD strengthened 6 per cent to HK$241.20 after UOB-Kay Hian raised its recommendation to hold from sell after earnings rose 33 per cent last quarter.

Signage outside the HSBC headquarters building on July 26, 2024. Photo: Bloomberg

HSBC gained 0.5 per cent to HK$68.60. The UK banking group announced a management shake-up, days before Georges Elhedery takes over the reins as CEO of the biggest lender in Hong Kong.