Chinese tech stocks surge in shortened trading day
SINGAPORE — Hong Kong stocks led gains among major Asia-Pacific markets on Friday, with Chinese tech stocks in the city soaring.
The Hang Seng index in Hong Kong jumped 2.05% in morning trade. Shares of Chinese tech firms listed in the city saw massive gains, with Alibaba surging 9.37% and Meituan advancing 6.23% while Tencent rose 4.06%. The Hang Seng Tech index traded 4.44% higher.
China’s factory activity saw an acceleration in growth during December, with the official manufacturing Purchasing Managers’ Index (PMI) coming in at 50.3 for that month from November’s reading of 50.1, according to data released Friday by the country’s National Bureau of Statistics.
That was above expectations of analysts who had expected the reading to fall slightly from the 50-point mark that separates growth from contraction, according to Reuters. PMI readings are sequential and represent month-on-month expansion or contraction.
MSCI’s broadest index of Asia-Pacific shares traded 0.67% higher.
Markets in Australia, Hong Kong and Singapore are set to close early on Friday for the final trading day of the year.
Elsewhere in Asia, markets in Japan and South Korea are already done with trading for the year and are closed on Friday.
Overnight stateside, the Dow Jones Industrial Average snapped its 6-day winning streak as it fell 90.55 points to 36,398.08. The S&P 500 shed 0.3% to 4,778.73 while the Nasdaq Composite declined 0.16% to 15,741.56.
The U.S. dollar index, which tracks the greenback against a basket of its peers, was at 96.012 following choppy trading this week that has seen go momentarily from above 96.2 to below 95.8.
The Japanese yen sat at 115.06 per dollar, weaker than levels below 114.6 seen against the greenback this week. The Australian dollar was at $0.7252, still above levels below $0.723 seen earlier in the week.