Hong Kong stocks rebounded from an early decline to close positively, buoyed by Meituan’s stronger-than-expected earnings and its plans for increased stock buybacks. The Hang Seng Index ended the day up 0.5% at 17,786.32, recovering from a dip of up to 1.1% earlier in the session. This uptick extended the index’s August gains to 2.6%.
The Tech Index also saw a 0.5% increase, while the Shanghai Composite Index fell by 0.5%. The day’s gains were driven by significant advances in shares of Meituan and Mengniu. Conversely, electric-vehicle maker Li Auto faced a decline after reporting weaker earnings, highlighting the impact of a competitive price war on profit margins.
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