Hong Kong stocks opened higher on Tuesday as global investors broadened their focus beyond US markets, fuelling gains across Asian equities, while the yuan advanced to its strongest level against the US dollar since May 2023.
The Hang Seng Index surged 1.8 per cent to 27,074.42 as of 9.45am, the Hang Seng Tech Index rallied 1.6 per cent. On the mainland, the CSI 300 Index edged up 0.3 per cent and the Shanghai Composite Index slipped 0.1 per cent.
Chinese pharmaceutical and healthcare shares continued to lead the rally. WuXi AppTec, Asia’s largest provider of contract pharmaceutical research, climbed more than 9.5 per cent to HK$121.30. Wuxi Biologics gained 6.3 per cent to HK$39.94, while Alibaba Health Information Technology rose 5 per cent to HK$6.68.
Limiting the gains, Tingyi Cayman Islands Holding, which manufactures popular instant noodle Kang Shi Fu, fell 2 per cent to HK$12.20, while toymaker Pop Mart lost 1.6 per cent to HK$193.80, and Chinese sportswear brand Li Ning dropped 1.6 per cent to HK$19.29.
Asian shares climbed to a near record on Tuesday morning as tensions between the US and Iran escalated and investors sought to diversify beyond the US markets.
The yuan rose to its highest level in nearly three years as the US dollar weakened after the White House escalated its criticism of the Federal Reserve. The yuan’s offshore spot rate reached 6.97 against the greenback.
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