J&T Global Express Profit Jumps 124% as Hong Kong Stocks Rise
J&T Global Express reports first-half adjusted net profit of US$350.6 million, up 124% year on year, while the Hang Seng Index rises 0.7% to 25,868 amid softer Hong Kong inflation.
The Hang Seng Index rose 0.7%, or 171 points, to 25,868 on Friday, extending gains from the previous session as investors welcomed softer local inflation.
Hong Kong's annual inflation rate eased to 1.7% in July from 2.0% in each of the previous two months.
Electronic technology, producer manufacturing, and financial shares led the advance.
Investors assessed reports that fast-fashion retailer Shein had postponed its Hong Kong IPO to September following a delay in taking investor orders.
Among individual stocks, J&T Global Express was among the strongest performers after reporting a 124% year-on-year jump in first-half adjusted net profit to US$350.6 million, driven by robust parcel growth and expanding international operations.
Xiaomi (1.4%), MiniMax (4.5%), AIA (1.8%), Z.AI Co. (1.5%), and Kuaishou (0.7%) advanced.
However, gains were tempered by elevated oil prices, with Brent crude holding above US$93 per barrel, keeping investors cautious about the inflation outlook.