Hong Kong stocks rose to nine month highs on Monday amid optimism that corporate earnings will improve and hopes of policy support after China released data over the weekend that showed credit expansion was weak in the world’s second-largest economy.
The Hang Seng Index rose 0.6 per cent to 19,115.06 at close to finish at its highest since August 10. The Hang Seng Tech Index added 1.4 per cent but the Shanghai Composite Index retreated 0.2 per cent.
Alibaba Group Holding rallied 4.1 per cent to HK$81.15 and Tencent Holdings climbed 1.9 per cent to HK$378.20, ahead of their quarterly earnings announcements, due on Tuesday. Biopharmaceutical firm Wuxi AppTec advanced 4.5 per cent to HK$39.80, after the US introduced a revised bill that offers a grace period until 2032, before a possible ban on Chinese drug makers from doing businesses with the Federal government.
Casino operator Sands China gained 4.2 per cent to HK$20.90 after a move…
