HONG KONG: Hong Kong’s Hang Seng index finished higher on Thursday, led by tech shares, but gains were limited ahead of US inflation data that is expected to provide more clues about the Federal Reserve’s plans for interest rate hikes.
At the close of trade, the Hang Seng index was up 94.36 points, or 0.38%, at 24,924.35, after falling 0.73% earlier. The Hang Seng China Enterprises index rose 0.76% to 8,789.92.
Alibaba was the biggest contributor to the Hang Seng’s rise, adding 2.86% on the day.
Alibaba led a rise in the tech index which gained 0.56% on the day. Meituan rose 1.66% and JD.com Inc added 1.28%.
China’s cyberspace watchdog said a symposium it held with Chinese tech giants including Alibaba last month had given the industry a “clearer understanding” of how to pursue future development.
The property sector rose 1.63%, with China Evergrande Group jumping 5.39%. The rise in Evergrande shares came after its chairman told an internal meeting on Sunday that the company needs to clear its debt by fully restoring construction and sales activities and not by selling off assets on the cheap.
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