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Hong Kong stock market
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Hong Kong stocks near 2-month high on strong US jobs data, hopes of trade deal

Sentiment turns positive after US indexes approach the record high reached earlier this year on stellar jobs data

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General view of Exchange Square in Central. Photo: Jelly Tse
Zhang Shidongin Shanghai
Hong Kong stocks extended a rally on Wednesday, taking the benchmark index close to a two-month high following upbeat US jobs data and hopes of a de-escalation in the US-China trade war.

The Hang Seng Index closed 0.6 per cent higher at 23,654.03, the highest since March 19. The Hang Seng Tech Index also gained 0.6 per cent. On the mainland, the CSI 300 Index and the Shanghai Composite Index both added 0.4 per cent.

BYD and other leading Chinese electric-vehicle (EV) makers advanced after some of their car models were picked for a government programme to promote sales of green-energy cars in rural areas. Ping An Insurance Group fell after the insurer said it would raise HK$11.77 billion (US$1.5 billion) from a convertible bond, which would potentially dilute its earnings per share.

Overnight gains on Wall Street pushed US benchmarks to within striking distance of their record highs reached earlier this year after a government report pointed to the continuing resilience of the labour market and new job openings exceeded economists’ projections.

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Investors were also keeping an eye on whether Chinese President Xi Jinping would talk to his US counterpart Donald Trump to clinch a long-term trade deal between the world’s two largest economies. While the White House said the conversation would take place this week, Beijing had yet to confirm it.

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