Hong Kong stocks extended gains on optimism that the appetite for Chinese assets was returning after Beijing pledged support to markets and signs of an earnings recovery emerged, with investors looking past potential US-China tensions even as President Joe Biden signed into law a bill that will force a divestment in video-sharing platform TikTok.
The Hang Seng Index rose 0.5 per cent to a five-month high of 17,284.54 at close. The Hang Seng Tech Index slipped 0.5 per cent, while the Shanghai Composite Index added 0.3 per cent.
The gain in Hong Kong stocks bucked the regional trend, as other markets reacted to the sell-off in US stocks overnight on the back of the disappointing outlook projected by Facebook parent Meta Platforms. Japan’s Nikkei 225 slid 2.2 per cent and South Korea’s Kospi retreated 1.8 per cent, while Taiwan’s Taiex dropped 1.4 per cent.
“Hong Kong’s market is a pretty safe bet, as the economy, corporate…
