Hong Kong’s Hang Seng Index Soars 7% as Tech Stocks Lead Gains

Hong Kong’s Hang Seng Index led the Asian markets in gain as giant tech stocks pulled the market higher.

As of 12:29 BKK time on Friday, Hang Seng Index jumped 7.26% ahead of other markets in Asia on reports of early progress in U.S. checks on Chinese company audits ahead of schedule and hopes for more relaxation of Covid-19 restrictions, especially inbound and outbound tourism.

Hong Kong’s Alibaba recorded more than 15% gain on Friday, JD.com rose nearly 14% and Baidu more than 10%. Overall, Hang Seng Tech index rose more than 10%.

Hang Seng Tech Index started to bounce back after recording more than 40% of loss this year amid tension between the U.S. and China as well as chip shortage that weighed on supply chain and sentiment.