Hong Kong stocks rose on Wednesday, led by a record surge in one of the city’s largest companies after CK Hutchison Holdings disposed of assets near the Panama Canal amid US-China tensions and an unfolding trade war and as China commenced its annual parliamentary meeting.
The Hang Seng Index jumped 2.8 per cent to 23,594.21 at the close, recovering most of the loss incurred since Friday when the US levied additional tariffs. The Hang Seng Tech Index surged 4 per cent. On the mainland, the CSI 300 Index and the Shanghai Composite Index both added 0.5 per cent.
CK Hutchison soared 22 per cent to HK$47.10 after agreeing to sell assets worth US$23 billion including ports near the Panama Canal to a consortium. Affiliate CK Asset Holdings advanced 4.9 per cent to HK$35.25. Alibaba Group Holding rose 1.6 per cent to HK$129.90, and Tencent Holdings gained 3 per cent to HK$505.50. Meituan added 6.4 per cent to HK$171.50.
In the government…
