E-Commerce Giants Propel Hong Kong Stocks amid Mixed China Market Performance

Hong Kong stocks surged on Friday, driven by strong tech shares following positive earnings from e-commerce giants JD.com and Alibaba. The Hang Seng Tech Index rose by 2.1%, with JD.com and Alibaba shares climbing significantly. In contrast, China stocks remained flat, with slight movements in various indices.

Tech shares significantly boosted Hong Kong stocks on Friday, as the earnings reports from major e-commerce companies improved market sentiment. China's JD.COM surpassed profit forecasts in Q2, enhancing investor confidence, despite Alibaba Group Holding missing market revenue expectations for Q1.

The Hang Seng Tech Index saw a 2.1% rise, with shares in JD and Alibaba increasing by 8.9% and 4.1%, respectively. While the broader Hong Kong benchmark Hang Seng Index climbed 1.7%, China's blue-chip CSI300 Index remained flat, and the Shanghai Composite Index edged up by a marginal 0.1%.

Chinese antimony producers also saw a notable share price increase of up to 10%, following Beijing's decision to restrict exports of the critical mineral. Additionally, the financial sector sub-index in China went up by 0.38%, though the consumer staples and real estate sectors declined. China's central bank reinforced its commitment to stable and supportive monetary policy.

(With inputs from agencies.)