HONG KONG: Hong Kong shares rallied more than three percent Friday morning thanks to a surge in tech firms after strong earnings giants Alibaba and Baidu.
The Hang Seng Index climbed 3.09 percent, or 621.07 points, to 20,737.27.
Traders were on course for a strong end to the week thanks to a more than 12 percent advance in ecommerce giant Alibaba and search engine Baidu’s 15 percent surge.
The two firms posted forecast-busting sales growth, easing concerns about the impact of Covid lockdowns and inflation on tech firms’ bottom lines.
The news boosted other tech firms in Hong Kong, with JD.com and Meituan up more than five percent, while Tencent was up more than three percent.
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