Hong Kong stocks rose on Tuesday, tracking gains in overseas markets as pharmaceutical and technology shares advanced, offsetting selling pressure in property developers, according to a report by Reuters.
The Hang Seng Index was up 0.78% by midday, while the Hang Seng China Enterprises Index gained 0.82%. The Hang Seng Biotech Index climbed nearly 3%, while the Hang Seng Tech Index rose 0.87%, the report stated.
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WuXi Biologics and Sino Biopharmaceutical were among the strongest performers on the benchmark, rising 4.2% and 4.1%, respectively. Sunny Optical, Baidu, Kuaishou and Alibaba gained between 2.8% and 3.7%.
The gains came as China's onshore financial markets remained closed for the National Day holiday. Mainland markets are scheduled to reopen on October 8.
Property stocks, meanwhile, remained under pressure. Sun Hung Kai Properties fell 0.4% and CK Asset declined 0.3% as investors remained cautious about the outlook for China's residential market, the report stated.
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Brokerage UOB Kay Hian expects residential property prices to consolidate through 2026, Reuters reported, highlighting continued challenges facing the sector despite efforts to support the broader property market.
New World Development was among the biggest decliners, falling 3.8%. The developer launched a debt exchange offer that would allow bondholders to swap certain notes maturing in 2027 and 2028 for new secured debt due in 2032.
The move added to investor concerns over the financial position of property companies as developers continue to manage elevated debt levels and refinancing requirements.
(Disclaimer: This article is based on inputs from agencies. These do not represent the views of The Economic Times)
