Plunging Home Prices, Fleeing Companies: Austin’s Glow Is FadingBenchmarks in Hong Kong are having their best week in years. Foreign fund purchases of Chinese stocks through a trading link hit a record 22.4 billion yuan on Friday. UBS Group AG has turned overweight, while others say there’s growing interest in one of last year’s worst-performers.
Whatever the reasons, Hong Kong gauges — which are much easier to access for foreign investors than mainland stocks — are the best performers globally this week. Tech bellwether Tencent Holdings Ltd.’s shares have surged almost 15% this month, outperforming a gauge tracking the Magnificent Seven after an earlier-than-expected blockbuster game debut.
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