China Developers Rally to Counter Selloff on Tech Earnings Fear
- Builders extend gains amid speculation on loan policy
- Hong Kong’s Hang Seng Index pares drop to close 1.1% lower
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A spike in shares of Chinese real estate developers helped contain a downward spiral of Hong Kong stocks on Friday that was fueled by worries over tech firms’ earnings.
The Hang Seng Index pared an earlier loss by nearly half to end 1.1% lower. China Resources Land Ltd. and Country Garden Holdings Co. were the biggest point contributors to the gauge, each gaining at least 5.5%. The nation’s e-commerce giant Alibaba Group Holding Ltd. was the largest drag with a record 11% slump, after reporting disappointing quarterly results.