Hong Kong stocks rise on China stimulus bets amid typhoon trading

Hong Kong stocks rose on Wednesday, ending a two-day decline as China’s shaky economic outlook fuelled stimulus bets.

The Hang Seng Index rose 0.3 per cent to 26,240.34 as of 10am. The Hang Seng Tech Index rose 0.4 per cent. On the mainland, the CSI 300 Index and the Shanghai Composite Index both added about 0.1 per cent.

SMIC, mainland China’s largest semiconductor foundry, rose 3.8 per cent to HK$75.30. State-owned property developer China Overseas Land & Investment gained 2.1 per cent to HK$14.08.

Limiting gains, search engine giant Baidu fell 2.8 per cent to HK$125.60, while New Oriental Education & Technology, an online education firm, fell 1.9 per cent to HK$39.88.

For much of this year, the market has thrived on a “bad news is good news” narrative – fuelling a solid run that has boosted key benchmarks to levels not seen for a decade – as weak economic data is interpreted as a trigger for more stimulus measures.

Wednesday marked the first time the Hong Kong stock market stayed open during a No 10 storm signal, the highest warning level. This follows the introduction of the stock exchange’s severe weather trading mechanism in September last year, which allows the market to operate even when a No 8 signal or above is in force.

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