Hong Kong stocks climb, led by pharmaceutical, tech stocks
FXI•Hong Kong’s Hang Seng Index rose 0.78% by midday Tuesday, led by pharmaceutical and technology shares. The Hang Seng Biotech Index gained nearly 3%, while New World Development fell 3.8% after launching a debt exchange offer.
1. Biotech and tech shares rise
The Hang Seng China Enterprises Index climbed 0.82% by midday, while the Hang Seng Tech Index gained 0.87%. WuXi Biologics and Sino Biopharmaceutical rose 4.2% and 4.1%, respectively; Sunny Optical, Baidu, Kuaishou and Alibaba advanced between 2.8% and 3.7%.
2. Property shares mixed
Sun Hung Kai Properties slipped 0.4% and CK Asset fell 0.3%. New World Development dropped 3.8% after launching an offer allowing bondholders to exchange some notes due in 2027 and 2028 for new secured debt maturing in 2032. Brokerage UOB Kay Hian said it expected residential prices to consolidate throughout 2026.
3. Mainland markets closed
China’s onshore financial markets were closed for the National Day holiday and were set to reopen on October 8.
