Hong Kong stocks rose, with the city’s benchmark capping its biggest weekly gain in nearly five months, taking cues from a global rally amid optimism that the US economy will achieve a soft landing.
The Hang Seng Index climbed 1.4 per cent to 18,258.57 at the close. It advanced 5.1 per cent this week, delivering the best performance for a five-day period since April 26. The Hang Seng Tech Index also gained 1.4 per cent and the Shanghai Composite Index added less than 0.1 per cent.
Among gainers, CSPC Pharmaceutical Group rallied 6.4 per cent to HK$4.99 after saying it would spend no more than HK$5 billion (US$641.7 million) on repurchasing its shares over the next two years. Alibaba Group Holding added 1.8 per cent to HK$87.20 and Meituan climbed 1.6 per cent to HK$135.90. New World Development surged 6.8 per cent to HK$7.71.
Other major Asia-Pacific markets edged higher. Japan’s Nikkei 225 climbed 1.5 per cent, South Korea’s…
