Hong Kong stocks extend winning streak amid stabilising oil prices despite Iran conflict
Hang Seng Index rises for a third day, the longest run since January, as Wall Street rally and steadier oil prices boost mood
The Hang Seng Index added 0.6 per cent to 26,025.42 at the close of trading, marking its third consecutive day of gains and the longest winning streak since January 29. The Hang Seng Tech Index was little changed. On the mainland, the CSI 300 Index gained 0.5 per cent and the Shanghai Composite Index climbed 0.3 per cent.
E-commerce major Alibaba Group Holding jumped 2.3 per cent to HK$137.70 and search-engine leader Baidu climbed 2.2 per cent to HK$121.80. Blind-box toymaker Pop Mart International advanced 3 per cent to HK$221.80, and food-delivery service provider Meituan climbed 0.4 per cent to HK$80.30.
Music-streaming firm Tencent Music Entertainment Group slumped 22 per cent to HK$44.72, after reporting its fourth-quarter results fell short of expectations. Electric-vehicle maker BYD slid 2.2 per cent to HK$102.20 and peer Li Auto slumped 6.2 per cent to HK$66.85.
US markets rebounded overnight, with major indexes posting gains and oil prices stabilising. The S&P 500 rose 0.3 per cent while the Nasdaq 100 added 0.5 per cent on Tuesday, extending gains for a second consecutive session.
Brent crude slipped about 1 per cent to trade below US$102 a barrel after Iran confirmed the death of a senior security official.