Hong Kong stocks rise to four-week high on progress in talks between Russia and Ukraine
- The Hang Seng Index gained 1.4 per cent at the close on Wednesday
- The Hang Seng Tech Index added 0.3 per cent and China’s Shanghai Composite Index advanced 2 per cent
The Hang Seng Index gained 1.4 per cent to 22,232.03 at the close, its highest level since March 3. While the Hang Seng Tech Index added 0.3 per cent, China’s Shanghai Composite Index jumped 2 per cent for its biggest gain in two weeks.
Russia said it will sharply reduce its military activity near Ukraine’s capital Kyiv and its chief negotiator said Moscow would take steps to “de-escalate” the conflict. The negotiations, however, failed to reach a ceasefire agreement and the US said Kyiv remained under threat.
02:22
No ceasefire yet, but glimmer of progress at Ukraine-Russia peace talks
Crude oil futures rebounded 1.4 per cent to trade around US$105 a barrel in Asian trading, snapping a two-day losing streak.
“This is certainly going better than many of us hoped,” said Clifford Bennett, chief economist at ACY Securities. “This was a nice add-on catalyst to the already significant upwards momentum in the equity market.”