Chinese stocks rose on Friday on optimism that the government will introduce new stimulus measures to secure the country’s economic recovery.
Hong Kong’s
Hang Seng Index
finished 4% higher. American depositary receipts of big Chinese firms such as
Alibaba
Group (ticker: BABA) and
Baidu
(BIDU) were trading more than 2% higher.
JD.com
(JD) rose 4.2%.
The Hang Seng is still down about 10% over the past year as the world’s second biggest economy struggles to get going again after belatedly emerging from pandemic lockdowns late last year. On Friday, Bloomberg reported that the government is considering a package to support the property market.
Earlier this week, the Hang Seng briefly entered a bear market. Also, China’s factory purchasing managers index showed that manufacturing activity contracted more sharply in May than the month before.
Write to Brian Swint at brian.swint@barrons.com
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