Hong Kong stocks rallied on Friday, as robust performance in the technology and real estate sectors offset weakness in energy and consumer staples, according to a market analyst.
The benchmark Hang Seng Index rose 0.52 percent to 24,186.83 points, while the Hang Seng Tech Index jumped 1.16 percent to 4,108.24 points. The Hang Seng China Enterprises Index edged up 0.31 percent to 8,128.25 points.
Despite the positive close, Timothy Pope, a market analyst at China Global Television Network (CGTN), noted that the market relinquished some of its early intraday momentum after briefly surging more than 1.3 percent.
"The Hang Seng closed 0.5 higher, although that was well down from its earlier gains of more than 1.3 percent. Real estate stocks did reasonably well in Hong Kong today, as they did on the Chinese mainland. But apart from that, the picture was a little different. Energy shares were down, along with some consumer staples. Consumer discretionary stocks, like sportswear makers Anta and Li-Ning, performed pretty well, as did the PC maker Lenovo. Innovative pharmaceutical companies were also finding favor with investors. BeOne Medicines gained more than 4 percent," said Pope.
Hong Kong stocks rally as tech, real estate offset energy, staples weakness: analyst
Chinese President Xi Jinping emphasized the need to pursue green development during an inspection trip on Friday to the city of Ulanqab, north China's Inner Mongolia Autonomous Region.
Xi, also general secretary of the Communist Party of China Central Committee and chairman of the Central Military Commission, visited Chahar High Tech Development Zone in Ulanqab, and learned about Inner Mongolia's progress in advancing the construction of a hub for the East Data-West Computing Project and the development of the green computing power industry.
Ulanqab, leveraging its cool climate, abundant green electricity and proximity to Beijing with low latency, is stepping up efforts to expand its green computing industry by promoting the construction of core nodes of the East Data-West Computing Project, building green computing industrial clusters, promoting the integration of green electricity, computing power and data, expanding the application scenarios and cultivating talent for computing power.
So far, a total of 109 computing power projects have been signed in Ulanqab, with a rack scale exceeding seven million. From January to August, the city achieved a revenue of 5.68 billion yuan (about 849.5 million U.S. dollars), representing a year-on-year growth of 40.3 percent.
Xi emphasizes pursuing green development during inspection trip to Inner Mongolia
