XPEV - Strong Consumer Turnout Drives Hong Kong Stocks Higher Friday As China's Former Premier Li Keqiang Dies At 68 | Benzinga
Hong Kong stocks rallied Friday as the week closed out higher for consumer stocks and EV makers which investors hope will be the beneficiary of a forthcoming government stimulus.
The Hang Seng Index ended the day 2.1% higher at 17,398.73 while China’s CSI 300 Index rose 1.4% to 3,562.39.
Financials also closed out mostly higher while property firms were sharply up on hopes that if the government steps in there may be an end in view to the wave of defaults that have besieged corporate bond markets this year.
Short-selling volumes dropped by about a quarter from a day earlier to 17.4% of all transaction volumes on the Hong Kong Stock Exchange.
Reports of successful Single’s Day presales promotions for Alibaba Group Holding (NYSE: BABA) and JD.com Inc (NASDAQ: JD) continued to push those stocks higher, which have been heavily beaten-down throughout 2023.
Chinese consumers are currently sitting heavily on cash as revealed by substantially higher deposits on China Construction Bank’s (OTC: CICHY) earnings statement Thursday. As such, retailers are looking to take advantage of the sales opportunity during the country’s November sales season. Competitive discounts and a slew of brand-new product offerings this week have seen record sell-out times for Alibaba and JD.com, according to local reports.
Alibaba ...