Hong Kong stocks climb at midday as tech and auto shares lead gains

Hong Kong shares advanced at midday on Tuesday, led by gains in technology and auto stocks.

The benchmark Hang Seng Index rose 68 points, or 0.26 percent, to 25,887 by the midday break, with turnover reaching HK$126.4 billion. The China Enterprises Index gained 0.77 percent to 8,983, while the Hang Seng Tech Index climbed 1.6 percent to 5,587.

Tech stocks mostly traded higher. Alibaba (9988) edged up 0.34 percent to HK$146.50, Tencent (0700) added 0.08 percent to HK$603.50, and Meituan (3690) jumped 2.23 percent to HK$105.50. Xiaomi (1810) reversed earlier losses to rise 0.15 percent to HK$39.28. Kuaishou Technology (1024) advanced 1.55 percent, Baidu (9888) gained 1.59 percent, JD.com (9618) rose 0.98 percent, and NetEase (9999) outperformed with a 2.63 percent gain.

Auto stocks rallied after China’s finance ministry said it would continue to allocate funds next year to support trade-in programs for consumer goods. BYD (1211) surged 5.93 percent to HK$99.15, making it the best-performing blue chip. Geely (0175) climbed 4.85 percent, while U.S.-listed electric vehicle makers NIO (9866), XPeng (9868) and Li Auto (2015) rose between about 3.7 percent and 6.3 percent.

On the mainland, China’s Shanghai Composite Index was up 0.31 percent at midday, while the Shenzhen Component Index was little changed, edging up 0.03 percent.