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 Group Holding Ltd. BABA, +0.79% 9988, +11.33% jumped 9.8%, Kuaishou Technology 1024, +8.17% surged 8.7%, Tencent Holdings Ltd. 700, +9.98% rose 8.0% and Meituan 3690, +6.65% was up 5.8%. The Hang Seng Tech Index HSXTCHINDXXX, +6.70% has gained as much as 7.7% and was last up 6.1% The sector’s sharp upturn came after China’s National Bureau of Statistics said 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 a 6.1% rise in the January-to-September period.
Jefferies analysts estimate that online retail sales grew more than 15% in October, accelerating from the three consecutive months of below-10% growth seen since July.