Hong Kong stocks trim weekly loss with Beijing support coming ‘very soon’ for private-sector businesses

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by Jiaxing Li and Yulu Ao at scmp.com

Hong Kong stocks jumped, snapping a three-day losing streak, as traders turned more optimistic about Beijing’s pledge to support the private sector.

The Hang Seng Index rose 0.8 per cent to 19,075.26 at the close of Friday trading, helping narrow the loss this week to 1.3 per cent. The Tech Index added 1 per cent, while the Shanghai Composite Index declined less than 0.1 per cent.

Alibaba Group gained 2 per cent to HK$91.30, Meituan rose 1.2 per cent to HK$128.20, and Tencent added 0.1 per cent to HK$333. JD.com climbed 1.6 per cent to HK$145.20, while HSBC strengthened 0.8 per cent to HK$64.30. Alibaba Health surged 2 per cent to HK$5.05 while sportswear maker Anta Sports jumped 1.6 per cent to HK$84.20.

China will release detailed measures to boost development and investment in the private sector “very soon”, officials at the top economic planning agency said in a media briefing on Thursday. The government earlier this week unveiled a list of policy solutions and promises political backing for private firms.

This could give the Hang Seng Index members a much-needed boost. The benchmark has lost 3.6 per cent this year, trailing major gauges in Asia-Pacific markets, as investors fret over China’s sluggish economic data last quarter and Beijing’s measured policy response to overcome the weakness.

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