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Hong Kong stocks advance in typhoon-interrupted trade while equities in mainland China slip by most in 2 weeks
- Crude prices jumped to near a one-year high amid the Israel-Hamas war, keeping central banks alert to fresh inflation risk
- Hong Kong stocks rise after trading resumes following the downgrade in typhoon-related warnings
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Zhang Shidongin Shanghai
Hong Kong stocks rose as trading resumed after a typhoon-related interruption while conflicts in the Middle East stoked prices of oil and other commodities. Equities in mainland China slipped as traders returned after the golden week national holiday.
The Hang Seng Index advanced 0.2 per cent to 17,517.40 at the close. The benchmark fell 1.8 per cent last week to cap a five-week losing streak. The morning session was cancelled because of a typhoon and black rainstorm warning, both of which have since been downgraded after Koinu departed the city. The Hang Seng Tech Index also added 0.2 per cent.
Oil producers PetroChina gained 2.6 per cent HK$5.64 and CNOOC added 2.3 per cent to HK$13.40, while gold producer Zijin Mining rallied 3.7 per cent to HK$11.80. Anta Sports Products jumped 2.2 per cent to HK$85.30 while rival Li Ning added 1 per cent to HK$31.70.
The Northbound link of the Stock Connect scheme also reopened at 2pm, according to a statement from the Hong Kong exchange.
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The war between Israel and Hamas entered a third day amid rising casualties, and the intensified conflict dented global growth outlook. Higher oil prices could stoke inflation and prevent or delay global central banks’ pivot from their policy tightening campaign, after the recent pause in the rate hiking cycle.
Crude prices surged by as much as 5.4 per cent to a near one-year high of US$87.24 a barrel while spot gold rose by as much as 1.2 per cent to US$1,855.52 an ounce.
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