Hong Kong stocks rise after US, China unveil trade agreement in London
US Commerce Secretary Howard Lutnick says framework will be presented to both governments for approval
The Hang Seng Index gained 0.8 per cent to 24,366.94 at the close, while the Hang Seng Tech Index advanced 1.1 per cent. On the mainland, the CSI 300 Index strengthened 0.8 per cent and the Shanghai Composite Index added 0.5 per cent.
Chinese car dealer Zhongsheng Group rallied 2.7 per cent to HK$13.16, while China Life Insurance rose 4.6 per cent to HK$17.80. Some major tech stocks traded higher: live-streaming platform Bilibili surged 9.9 per cent to HK$167.30, JD.com added 1.5 per cent to HK$133.90 and Alibaba Group Holding rose 1.3 per cent to HK$118.40. Alibaba owns the Post.
On the downside, instant noodle maker Tingyi tumbled 3.9 per cent to HK$11.88, bottled water company Nongfu Spring lost 2.3 per cent to HK$38.40 and JD Health International eased 1.3 per cent to HK$40.65.
Trade negotiators from China and the US said they reached a consensus on a framework to ease trade tensions. The agreement sought to reinforce commitments made during previous talks in Geneva last month.
US Commerce Secretary Howard Lutnick said the framework would be presented to both governments for final approval. Chinese Vice Commerce Minister Li Chenggang said the negotiating teams had agreed in principle and would consult their respective leaders.