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

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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 yifan.wang@wsj.com

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

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