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hong kong tech stocks

Hong Kong Tech Stocks Surge; Alibaba, Tencent Log Gains

On Wednesday, shares of Chinese internet and technology companies surged in Hong Kong, following the rally of US markets. 

Accordingly, the Hang Seng tech index increased 3.95% or 0.22 points to $5.79 per share. The benchmark trails the 30 largest technology firms listed in the city. 

The gaming and social media company Tencent elevated 3.17% or 1.87 points to $60.87 per share. 

Similarly, e-commerce giant Alibaba rose 4.70% or 0.76 points to $16.87 per share. 

Its rival JD.com rocketed 9.89% or 3.49 points to $38.76 per share, placing at the top of Hong Kong tech stocks. 

At the same time, local service business Meituan boosted 9.33% or 2.49 points to $29.17 per share. 

The jump of Hong Kong tech stocks lifted the broader Hang Seng to 2.12% or 502.09 points to $24,241.15 per share. 

The upturn came after Federal Reserve Chair Jerome Powell sounded less hawkish than expected in his senate appearance.

Powell noted a need for rate hikes and tighter policy to control the soaring inflation. 

However, he did not cite an accelerated change in policy from what the US central bank had already signalled.

Consequently, Wall Street closed significantly higher as comments from the Fed chief appeared to reassure investors.

Like the Hong Kong tech stocks, the Nasdaq Composite hiked 1.41% or 210.62 points to $15,153.45 per share. 

Then, the Dow Jones Industrial Average added 0.51% or 183.15 points to $36,252.02 per share. 

Similarly, S&P 500 climbed 0.92% or 42.78 points to $4,713.07 per share. 

Hong Kong Tech Stocks Track Gains in Asia-Pacific

Moreover, Hong Kong tech stocks tracked gains in other Asia-Pacific markets.

In Japan, the Nikkei 225 index jumped 1.77% or 500.34 points to $28,722.82 per share. 

The broader TOPIX also widened 1.46% or 29.06 points to $2,015.88 per share. 

Subsequently, the Shanghai Composite index enriched 0.43% or 15.49 points to $3,582.93 per share. 

The benchmark Shenzhen Component increased 0.63% or 89.58 points to $14,312.93 per share. 

In Australia, the S&P/ASX 200 edged up 0.66% or $48.80 points to $7,438.90 per share. 

Read also: GtradEX Review 2021: Read Before You Invest!

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