Hong Kong stocks edged higher, reversing earlier losses, thanks to a rally from Alibaba and stronger-than-expected export data out of China.
The Hang Seng Index added 0.2 per cent at 17,234.09 on Tuesday, after losing as much as 0.4 per cent in earlier trading, to climb out from a three-week low. The Tech Index added 0.4 per cent, while the Shanghai Composite Index added 0.3 per cent to claw out of an eight-month low.
Limiting gains, drug maker Wuxi Biologics lost 3.9 per cent to HK$10.90 and affiliate Wuxi Apptec lost 10.4 per cent to HK$32.20, after the US House of Representatives passed a bill that would restrict business with certain targeted Chinese biotech companies, based on national security grounds. Tencent weakened 0.7 per cent to HK$368.60 and NetEase lost 1 per cent to HK$120.
Markets rose Tuesday after the latest customs data showed China’s exports unexpectedly gathered steam in August. Export growth jumped to 8.7 per cent in August from 7 per cent in July, beating a forecast for 6.6 per cent and marking the fastest pace since March 2023.