Hong Kong shares edge up, Alibaba caps gains
The Hang Seng index rose 0.1% to 23,996.87, while the China Enterprises Index lost 0.1% to 8,522.90 points. ** The healthcare subindex rebounded 2.4% after last session's 5.8% slump, while consumer discretionary stocks added nearly 1%.
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Hong Kong shares edged higher on Wednesday as healthcare and consumer discretionary stocks rose, although gains were capped by a slump in Alibaba Group a day after the ecommerce giant notched its all-time best session. The Hang Seng index rose 0.1% to 23,996.87, while the China Enterprises Index lost 0.1% to 8,522.90 points.
** The healthcare subindex rebounded 2.4% after last session's 5.8% slump, while consumer discretionary stocks added nearly 1%. ** Index heavyweight Alibaba slumped 4.7% after gaining 12.2% on Tuesday, with analysts saying the volatility highlighted divergent views on its outlook, especially after the company said it would reorganise its international and domestic e-commerce businesses and replace the finance chief.
** The Hang Seng Tech Index was nearly flat, with internet giants Tencent Holdings and Meituan seesawing within a range of 1%. ** China Evergrande Group plunged 5.5% to an all-time low after it missed a debt payment deadline, putting the developer at risk of becoming China's biggest defaulter, even as hopes of a managed debt restructuring calmed fears of a messy collapse.
** The mainland property sector edged down 0.3%. With policymakers becoming more vocal and markets more familiar with the issue, consequences of its troubles are less likely to be widely felt, market watchers have said. ** Chinese social media giant Weibo Corp's shares closed 7.2% below their issue price in Hong Kong, as it became the latest U.S.-listed China stock to seek out a secondary listing closer to home.
** Investment bank CICC said in a note that Hong Kong shares will gradually rebound from their record low valuations, amid China's efforts to stabilize its economy. ** China's central bank cut the amount of cash that banks must hold in reserve on Monday, freeing up 1.2 trillion yuan ($188 billion) in long-term liquidity to bolster slowing economic growth.
(This story has not been edited by Devdiscourse staff and is auto-generated from a syndicated feed.)
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