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Earnings-Driven Tech Rebound Sends Hong Kong Shares Higher

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Last updated: 11/23/2022 05:25:59

05:25 AM EST, 11/23/2022 (MT Newswires) -- The Hong Kong Hang Seng Index opened evenly Wednesday, wavered, but rose in afternoon trading to finish up 0.6% as traders bought into tech giants after recent earnings reports. Property issues gained on hopes for more policy support from Beijing.

The broad gauge Hang Seng rose 99.40 to 17,523.81, as gaining issues outnumbered losers 38 to 31. The Hang Seng TECH Index rose 1.1% on the day while the Mainland Properties Index rose 1.7%.

Leading the upside were AI and internet enterprise Baidu (BIDU, 9888:HK), up 3.4% after reporting earnings. Internet-based seller JD.com (JD, 9618:HK) rose 3.3%, followed by e-commerce colossus Alibaba (BABA, 9988:HK) up 3.1%.

On the downside were Link REIT (0823:HK), off 4.7%, and then Xinyi Solar (0968:HK), off 2.3%.

On the mainland, the Shanghai Composite rose 0.3% to 3,096.91.

In other news, Chinese financial regulators "stressed the need for facilitating financing for the real estate sector to ensure economic stability," the state-run China Economic Net reported late Tuesday.

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