HK stocks surf tech wave, touching three-year high

Hong Kong stocks once rose to its highest in roughly three years by Friday noon, thanks to the brilliant earnings of Chinese tech companies.

The benchmark Hang Seng Index ended the morning at 23,238 points, 2.93 percent or 661 points from the previous close, after surging to as high as 23,256 points.

The half-day main board turnover amounted to HK$209.38 billion.

The tech gauge leapt 4.69 percent to 5,757 points.

Alibaba (9988) jumped 12.74 percent to HK$136.30 apiece, the best-performing blue chip stock. The Chinese tech giant reported better-than-expected earnings on Thursday, leading investment banks to raise their target prices.

Bilibili (9626) also hit a new record of HK$175.80 after soaring 13.57 percent. The online video platform’s fourth quarter swung to a net profit.

China Unicom (0762) and Lenovo (0992) also rose more than 12 percent.

Electric vehicle maker BYD (1211) advanced 5.49 percent to HK$395.60, a new all-time high.

STAFF REPORTER