Hang Seng Index turns up on late news US and China have agreed on plan to roll back extra tariffs in phases
- CK Life Sciences soars 23.3 per cent after skyrocketing more than 150 per cent on Wednesday
- CSPC Pharmaceutical jumps 4.4 per cent as investors pile in on belief in its drug line
Hong Kong stocks turned up in late trading Thursday on reports China and the US have agreed on a plan to roll back additional tariffs in phases, a potentially key development as the world’s two largest economies search for a way to end their trade war.
“In the past two weeks, top negotiators have had serious and constructive discussions on resolving issues of core concern. Both sides agreed to remove the additional tariffs imposed in phases as progress is made on the agreement,” Commerce Ministry spokesman Gao Feng said.
China markets, which close earlier, finished little changed.
“News saying that China and US have agreed to proportionally roll back tariffs on each other’s goods in phases is the main reason for the Hang Seng Index to bounce nearly 200 points in the afternoon suddenly,” said Kenny Wen, wealth management strategist at Everbright Sun Hung Kai.
The Hang Seng Index rose 0.57 per cent to 27,847.23, after spending the earlier part of the day under water.