Hong Kong stocks edge higher as oil steadies, tracking Wall Street gains
Hang Seng Index advances for a second day amid easing concerns over inflation and geopolitical risks
The Hang Seng Index added 0.1 per cent to 25,868.54 at the close of trading, after rising as much as 1.6 per cent in the morning. The Hang Seng Tech Index fell 0.1 per cent. On the mainland, the CSI 300 Index lost 0.7 per cent and the Shanghai Composite Index declined 0.9 per cent.
E-commerce giant Alibaba Group Holding climbed 0.5 per cent to HK$134.60, after it launched an artificial intelligence platform for enterprises. Smartphone and electric vehicle maker Xiaomi added 0.5 per cent to HK$35.36 and carmaker Geely jumped 4.6 per cent to HK$18.84. Blind-box toymaker Pop Mart rose 3.2 per cent to HK$215.40.
Limiting gains, search-engine operator Baidu slumped 3 per cent to HK$119.20 and EV battery maker Contemporary Amperex Technology Ltd lost 3.3 per cent to HK$648.
Overnight in the US, major benchmarks climbed on hopes that more tankers would be able to pass through the Strait of Hormuz. The S&P 500 Index added 1 per cent while the Nasdaq climbed 1.2 per cent and the Dow added 0.8 per cent. Brent Crude traded around US$102 a barrel on Tuesday morning after falling 2.9 per cent in the previous session.