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HSI Upswing Once Stretches to 509Pts after Midday; E-commerce Vigorous; JD, Meituan, Alibaba Up 6-7%
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Heavyweight tech stocks buoy the stock market upwards, marking a five-day rally for Hong Kong stocks. The HSI once expanded its rally to 509 points after midday, peaking at 20,093. It last printed at 20,024, up 440 points or nearly 2.3%, outshining major Asia-Pacific markets with a turnover of $119.078 billion. Several Chinese e-commerce platforms have launched gift-giving functions ahead of the Spring Festival, sparking market hopes for escalated holiday-related spending. JD-SW (09618.HK) has introduced a campaign that gives consumers who buy Apple products a national subsidy of up to 20% and a discount of RMB2,000. BABA-W (09988.HK)'s e-commerce platform Tmall unrolled today (20th) a national subsidy campaign for mobile phones, covering three major categories: phones, tablets, and smartwatches. Consumers who buy the Xiaomi 15 can enjoy a RMB500 discount and 24-month interest-free installment. JD-SW has been on a rise for five consecutive days. It opened 4% higher and reached an over-one-month high of $158.3. It last traded at $157.7, up 7.5%, on a turnover of $2.147 billion. Meanwhile, BABA-W was last at $85.5 after midday, up 5.88%, on a turnover of $5.851 billion. MEITUAN-W (03690.HK) surged 7.4% to a nearly-one-month high of $158.8 at one point. It last printed at $157.5, up 6.6%, on a turnover of $7.11 billion. TENCENT (00700.HK) was last at $391.8, up 3.16%, on a turnover increasing to $9.134 billion. KUAISHOU-W (01024.HK), BIDU-SW (09888.HK), NTES-S (09999.HK), TRIP.COM-S (09961.HK), and NEW ORIENTAL-S (09901.HK) climbed 2-3.8%. XIAOMI-W (01810.HK) opened up 2% but trended downwards against the market. It last traded at $34.85, down 0.29%, on a turnover of $4.827 billion. AAStocks Financial News |
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