Hong Kong stocks climb, led by pharmaceutical, tech stocks

Business Recorder reported that Hong Kong equities advanced on Tuesday, tracking stronger overseas markets, with drug makers and technology shares leading while property developers faced selling. At midday the Hang Seng rose 0.78% and the Hang Seng China Enterprises Index added 0.82%. The Hang Seng Biotech Index climbed nearly 3%, while the Hang Seng Tech edged up 0.87%.

WuXi Biologics and Sino Biopharmaceutical were the top gainers in the Hang Seng Index, up 4.2% and 4.1% respectively. Sunny Optical, Baidu, Kuaishou and Alibaba each gained somewhere in the 2.8% to 3.7% range. Onshore markets in mainland China stayed shut for the National Day holiday and will resume trading on October 8.

Property stocks were weaker, with Sun Hung Kai Properties down 0.4% and CK Asset off 0.3%. The brokerage UOB Kay Hian expects residential prices to level off through 2026. New World Development lost 3.8% after opening an offer to exchange bonds maturing in 2027 and 2028 for secured paper due in 2032.