The Hang Seng Index added 0.6 per cent to 24,504.80 at the noon break, taking the gain to 6.8 per cent for the week. The Hang Seng Tech Index advanced 1.3 per cent. On the mainland, the CSI 300 Index slipped 0.1 per cent and the Shanghai Composite Index was little changed.
Kuaishou Technology rose to a one-year high, jumping 5 per cent to HK$63.86 and Alibaba Group Holding added 1.6 per cent to HK$143. Meituan advanced 3.4 per cent to HK$186.50. Chinese sportswear maker Li Ning jumped 7.9 per cent to HK$19.04 and peer Anta Sports Products advanced 6 per cent to HK$100.80.
Traders are bullish after China set a growth target of about 5 per cent this year and promised support for technology innovation led by the application of large language models in the government report delivered to the annual legislative National People’s Congress. A pullback in US stocks has also strengthened the trend of buying Chinese technology stocks that trade at a discount to the “Magnificent Seven” stocks in the US.
“The quickest gains may already be behind us,” said Zhang Jun, head of research at China Asset Management (Hong Kong). “But there’ll more stock-picking opportunities, as China’s economy picks up.”
