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Hong Kong stocks head for highest close in more than a week as Beijing raises stimulus policy hopes

September 13, 2022 GMT

Hong Kong stocks rose, driving the benchmark to a more than one-week high on the prospect that Beijing will unveil more policy measures to arrest a slowdown in economic growth.

The Hang Seng Index rose 0.4 per cent to 19,435.05 in early trading on Tuesday, heading for the highest close since September 2. The Hang Seng Tech Index added 0.5 per cent, while the Shanghai Composite Index gained 0.1 per cent.

The Hong Kong and the mainland markets were closed on Monday for a public holiday, when the MSCI Asia-Pacific Index rose 0.8 per cent.

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Pork processor WH Group and computer maker Lenovo Group were among the biggest gainers on the benchmark on Tuesday, rising more than 3 per cent. Alibaba Group Holding added 2.3 per cent to HK$91.95.

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Premier Li Keqiang pledged to boost consumption as a major driver for reviving growth and to further increase investment to bolster demand and shore up confidence, according to a report published on Monday by the official Xinhua News Agency.

Li’s comments came amid disappointing data on tourism and consumption during the Mid-Autumn Festival, which was dogged by pandemic outbreaks. Tourism revenue dropped 23 per cent from a year earlier to 28.7 billion yuan ($4.1 billion), while the number of trips slid 17 per cent to 73.4 million, according to the official data.

This article originally appeared on the South China Morning Post (SCMP), the leading news media reporting on China and Asia. For more SCMP stories, please download our mobile app, follow us on Twitter, and like us on Facebook.

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