Hong Kong (awp / afp) – The Hong Kong Stock Exchange gained more than 3% on Friday morning thanks to the surge in technology stocks, in the wake of good results from the giants Alibaba and Baidu.
The Hang Seng index rose around 0200 GMT by 3.09%, or 621.07 points, to reach 20,737.27.
Investors flocked to market heavyweights, including e-commerce giant Alibaba and search engine Baidu, which rose more than 12% and 15% respectively.
Both companies reported better-than-expected growth, easing investor concerns about the impact on the industry from China’s health measures and inflation.
The news boosted other tech companies in Hong Kong, JD.com and Meituan, which gained more than 5%, while Tencent rose more than 3%.
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