Hong Kong stocks opened higher on Tuesday, following Wall Street's rally, amid hopes of fresh stimulus after a report showed China's manufacturing activity remained weak. The Hang Seng Index rose 0.4% to 26,736.44, while Hang Seng Tech added 1%. Technology and e-commerce stocks led the gains, with Alibaba surging nearly 2%, JD.com rising 0.8%, and Semiconductor Manufacturing International surging 3.7%. Meanwhile, Baidu and Trip.com shares weakened, while New Oriental plunged nearly 2%.
Official data showed China's manufacturing PMI in September stood at 49.8, marking the sixth consecutive month of contraction. This figure is better than August's 49.4, but still below expectations of 50.1.
Weak domestic demand and trade uncertainty with the US have manufacturers awaiting clarity on economic policy direction. Investors are now awaiting the outcome of Beijing's meeting on the 15th five-year plan, which is expected to provide signals on further stimulus.
Source: Newsmaker.id
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