Alibaba, Tencent lead Hong Kong tech rally after upbeat China online sales data


Shares of Chinese internet giants jumped in Hong Kong, after official data showed better-than-expected October retail sales in the world’s second-largest economy.

Alibaba Group Holding Ltd. BABA, +0.79% 9988, +9.99% jumped 9.8%, Kuaishou Technology 1024, +9.65% surged 8.7%, Tencent Holdings Ltd. 700, +9.75% rose 8.0% and Meituan 3690, +5.94% was up 5.8%. The Hang Seng Tech Index HSXTCHINDXXX, +6.50% has gained as much as 7.7% and was last up 6.1%

The sector’s sharp upturn came after China’s National Bureau of Statistics said online retail sales of physical goods rose 7.2% in the first 10 months of the year. The number, closely watched by investors as an indicator of the country’s consumption trends, outpaced a 6.1% rise in the January-to-September period.

Jefferies analysts estimate that online retail sales grew more than 15% in October, accelerating from the three consecutive months of below-10% growth seen since July.

Write to Yifan Wang at

This article was originally published by Read the original article here.

Previous articleCarnival stock rallies after price target doubled at UBS
Next articleDow Jones Newswires: Credit Suisse strikes deal to sell securitized-products group to Apollo


Please enter your comment!
Please enter your name here