Hong Kong stocks climb, led by pharmaceutical, tech stocks
UOB says it expects residential property prices to consolidate throughout 2026.
Hong Kong's stock market experienced a surge on Tuesday, with the benchmark Hang Seng index climbing by 0.78% by midday. The gains were driven by strong performances from pharmaceutical and technology stocks, which outperformed property developers amid a favorable overseas market trend.
The Hang Seng Biotech Index surged nearly 3%, while the Hang Seng Tech index rose by 0.87%. Among the top gainers were WuXi Biologics and Sino Biopharmaceutical, which saw increases of 4.2% and 4.1%, respectively, propelling the benchmark Hang Seng Index higher.
Other notable gainers included Sunny Optical, Baidu, Kuaishou, and Alibaba, which surged between 2.8% and 3.7%. Meanwhile, key property developers faced declines, with Sun Hung Kai Properties falling 0.4% and CK Asset dropping 0.3%.
Brokerage UOB Kay Hian expects residential property prices to stabilize throughout 2026. New World Development, however, saw a significant decline of 3.8% following its announcement of a debt exchange offer. This move would allow bondholders to swap certain notes due in 2027 and 2028 for new secured debt maturing in 2032.
Written by urgent.news from Free Malaysia Today's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
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