Hong Kong stocks rise for third day as China’s services PMI beats expectations

The Hang Seng Index added 0.9 per cent to 23,880.49 at 10.05am local time. The Hang Seng Tech Index gained 1.5 per cent. On the mainland, the CSI 300 Index and the Shanghai Composite Index both retreated 0.1 per cent.

Alibaba Group Holding gained 2.7 per cent to HK$117.70 and Tencent Holdings advanced 0.2 per cent to HK$513. Short-video platform Kuaishou Technology rallied 4.7 per cent to HK$54.45 and China Resources Land climbed 4.9 per cent to HK$26.55.

The Caixin China services purchasing managers’ index rose to 51.1 in May from 50.7 in April, according to index compilers Caixin and S&P Global on Thursday. That exceeded the consensus forecast of 51 in a Bloomberg poll. A reading above 50 suggests expansion.

Other major Asia-Pacific markets were mixed. Japan’s Nikkei 225 slipped 0.1 per cent, while South Korea’s Kospi rallied 2 per cent, extending the gain spurred by the election of a new president, and Australia’s S&P/ASX 200 added 0.1 per cent.