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Alibaba, Tencent, lead Hong Kong tech stocks higher after upbeat China online retail sales data

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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,
+10.70%
jumped 9.8%, Kuaishou Technology
1024,
+9.54%
surged 8.7%, Tencent Holdings Ltd.
700,
+9.82%
rose 8.0% and Meituan
3690,
+6.58%
was up 5.8%. The Hang Seng Tech Index
HSXTCHINDXXX,
+6.68%
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.

Write to Yifan Wang at yifan.wang@wsj.com

Credit: marketwatch.com

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