Alibaba, Kuaishou push Hong Kong stocks higher as investors bet on easing trade tensions
Trump’s comments to make a ‘nice’ deal with China and that he has no intention of firing Fed chair Powell lift sentiment
The Hang Seng Index jumped 2.4 per cent to 22,072.62 at the close of trading, the most since April 14. The Hang Seng Tech Index added 3.1 per cent. On the mainland, the CSI 300 Index rose 0.1 per cent, while the Shanghai Composite Index fell 0.1 per cent.
Technology firms and exporters led the market higher. E-commerce giant Alibaba Group Holding jumped 5.5 per cent to HK$116.00, while short-video platform Kuaishou Technology advanced 3.5 per cent to HK$51.80, and smartphone and carmaker Xiaomi gained 6.9 per cent to HK$47.45. Apparel maker Shenzhou International Group added 4 per cent to HK$52.55 and Apple supplier Sunny Optical Technology Group strengthened 4.1 per cent to HK$65.45.
On the flip side, gold producer Zijin Mining Group fell 4.8 per cent to HK$17.16, while telecoms company China Mobile lost 2.2 per cent to HK$81.05, and bottled-water producer Nongfu Spring fell 1.2 per cent to HK$36.95.
08:13
After Vietnam threatened with 46% US tariffs, how will Hanoi strike a deal with Washington?
Overnight, US stocks rose after Trump said he had no intention of firing Fed chair Jerome Powell, pushing the S&P 500 Index 2.5 per cent higher. Trump also pledged to make a “nice” deal with China, hinting he would lower the final tariffs to a level that would not be anywhere near the 145 per cent he has set.