Hong Kong Stocks Close Higher. Bilibili up 8%; Alibaba up 7%; Tencent, Kuaishou, Nio, Meituan up 4%
Hong Kong stocks closed higher. The Hang Seng Index (HSI) rose 1.6%, the Hang Seng Tech Index (HSTECH) rose 2.8%.
Kingsoft Cloud rose 17%; Bilibili up 8%; Alibaba rose 7%; TME rose 5%; Tencent, Kuaishou, Nio, Meituan rose 4%; JD.com up 2%.
China’s economy grew 5.2% year on year in the second quarter, above the 5.17% forecast by data provider Wind, keeping it on track to meet this year’s official target of around 5%.
Meanwhile, China’s home prices dropped 0.3% month on month in June, the steepest decline in eight months, according to official data released on Tuesday.
Following the release of the second quarter gross domestic product data, Goldman Sachs analysts said in a report on Tuesday that they expect “incremental [and] targeted easing to help stem the property downturn and mitigate labour market pressures” in the second half of the year.
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