Shares of Chinese internet giants jumped in Hong Kong after official data showed better-than-expected October retail sales in the world’s second-largest economy.
Alibaba Tencent online retail sales China
Alibaba Group Holding Ltd.
jumped 9.8%, Kuaishou Technology
jumped 8.7%, Tencent Holdings Ltd.
up 8.0% and Meituan
has grown by 5.8%. The Hang Seng Tech Index
gained as much as 7.7% and was last up 6.1%
The sharp rise in the sector came after China’s National Bureau of Statistics reported that online retail sales of physical goods rose 7.2% in the first 10 months of the year. The number, closely watched by investors as an indicator of the country’s consumption trends, outpaced growth of 6.1% in the January-September period.
Jefferies analysts estimated that online retail sales rose more than 15% in October, accelerating from the three straight months of growth below 10% since July.
Write to Yifan Wang at firstname.lastname@example.org