Hong Kong stocks gained, reversing earlier losses, after a government report showed growth in profits for Chinese companies accelerated, underpinning efforts by global investors to diversify their investments away from the US amid global trade turmoil.
The Hang Seng Index rose 0.4 per cent to 23,381.99 on Tuesday. The Hang Seng Tech Index added 0.5 per cent. On the mainland, the CSI 300 Index slipped 0.5 per cent while the Shanghai Composite Index declined 0.2 per cent.
Meituan rallied 2.1 per cent to HK$132.10 after revenue and profit in the first quarter topped consensus estimates despite tougher competition. Alibaba Group Holding added 0.9 per cent to HK$118 and Tencent Holdings rose 0.4 per cent to HK$512. Smartphone maker Xiaomi added 0.5 per cent to HK$51.55 and Kuaishou Technology also gained 0.5 per cent to HK$48.75 before their report cards later this week.
“There’s room for a further recovery in the Chinese assets, with…
