Hong Kong stocks cap best winning streak in 3 months amid regional recovery

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The city’s benchmark index has climbed for five straight trading days after plunging to a three-month low last week.

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Exchange Square in Central, Hong Kong, home of the city’s bourse operator. Photo: Bloomberg

Jiaxing Li

Published: 10:49am, 13 Aug 2024Updated: 4:46pm, 13 Aug 2024

Hong Kong stocks extended gains for the fifth consecutive day as markets across the region recovered from last week’s rout, while Tencent rallied on earnings-surprise bets.

The Hang Seng Index added 0.4 per cent to 17,174.06 on Tuesday, the fifth straight day of gains and the best winning streak in three months. The Tech Index was little changed, while the Shanghai Composite Index jumped 0.3 per cent.

Tencent jumped 1.3 per cent to HK$380, the highest level in a month, as its earnings card due Wednesday is likely to show profit surged 54 per cent last quarter. Pork producer WH Group rallied 5.1 per cent to HK$5.53 before earnings release today, while Sands China jumped 2.7 per cent to HK$13.92 to recoup losses on Monday. CNOOC rose 1.6 per cent to HK$20.05 after oil prices spiked amid rising fears of expanded Middle East conflicts.

Limiting gains, Li Auto dropped 1.6 per cent to HK$75.80, leading a retreat among electric vehicle makers. Food delivery platform Meituan slipped 0.8 per cent to HK$103.20 and gaming firm NetEase declined 1.9 per cent to HK$138.10.

The five-day winning streak for the city’s benchmark index – the best since the May rally – follows a plunge to a three-month low amid last week’s regional sell-off. The index has now recouped all losses seen then. Sentiment stabilised as investors shifted focus to US inflation data to gauge the Fed’s rate path.