Hong Kong stocks rallied on Tuesday, with the market benchmark rising to its highest in three months and erasing all its loss for the year as investors bet the current valuations could encourage more company managements to buy back their shares. Chinese property stocks jumped on expectations that Beijing will ramp up funding support to rescue the bigger players in the troubled sector.
The Hang Seng Index jumped 3.1 per cent to 17,093.50 at close, its highest since November 28. The Hang Seng Tech Index surged 4.6 per cent, taking its gain to 21 per cent from a January 31 low, to enter what is defined as a bull market. But the Shanghai Composite Index retreated 0.4 per cent.
Drug maker Wuxi AppTec climbed 5.6 per cent to HK$51.75 after saying it spent 50 million yuan (US$7 million) repurchasing its onshore shares trading in Shanghai on Monday. Longfor Group Holdings and China Resources Land led the rally among Chinese developers, rising…
