Hong Kong stocks close near 7-week high as Kuaishou surges, oil firms drop
‘Everyone is broadly constructive because earnings visibility still outweighs macro fear at this stage,’ analyst says
The Hang Seng Index rose less than 0.1 per cent to 26,347.24 at the close, trading near the highest close since November 17. The Hang Seng Tech Index added 0.1 per cent.
On the mainland, the CSI 300 Index climbed 1.9 per cent and the Shanghai Composite Index added 1.4 per cent on their first day of trading this year.
Kuaishou Technology, the short-video platform operator, surged 11.1 per cent to US$73.60 after its AI model Kling gained popularity in the overseas market on the back of an update. Innovent Biologics advanced 6.1 per cent to HK$83.60. Alibaba Group Holding added 2.6 per cent to HK$152.80, and Tencent Holdings rose 0.2 per cent to HK$624.50.
Tempering gains, PetroChina tumbled 3.5 per cent to HK$8.22 and peer CNOOC slumped 3.3 per cent to HK$21.14 on concerns about a glut of crude oil supply after US President Donald Trump said that US oil companies would help restore oil supply in Venezuela following the military assault on the South American country.
The MSCI Asia-Pacific Index rose to an all-time high on Monday on extended optimism that the artificial intelligence trade will continue to power stocks ahead in the new year, defying geopolitical risks following the US assault on Venezuela over the weekend. Spot gold prices rose by as much as 2.2 per cent to US$4,427.97 an ounce, approaching a record high of US$4,533.21 set in December. Crude oil contracts barely budged to trade at US$57.19 a barrel on expectations that it would take years to restore the oil capacity of Venezuela, which has the world’s biggest crude reserve.