Hong Kong stocks surged to complete their best week in more than four months, after China took measures to spur home sales in top-tier cities. Optimism about an imminent end to global rate hikes also fanned gains.
The Hang Seng Index jumped 2.4 per cent to 16,792.19 on Friday, as 90 per cent of the benchmark index members advanced. The Tech Index surged 2.2 per cent, while the Shanghai Composite Index lost 0.6 per cent.
Longfor Group surged 6.3 per cent to HK$13.18 while peer China Resources Land advanced 5.8 per cent to HK$28.05, leading a 3.8 per cent rally in an index tracking mainland Chinese developers. Tencent appreciated 2.6 per cent to HK$314.40, Alibaba Group climbed 3.7 per cent to HK$71.65 and JD.com gained 7 per cent to HK$105.70.
Today’s advance helped push the Hang Seng Index to a 2.8 per cent gain since last Friday, the most since the July 28 week. Stocks rallied earlier this week after the Federal Reserve kept its…
