Hong Kong Stock Exchange Rises, Hang Seng Rises 0.4%
The Hang Seng rose 98 points, or 0.4%, to close at 26,585 on Wednesday (January 21), snapping a four-session downtrend. This gain was led by technology and consumer stocks, which rallied.
Sentiment was also helped by a slight strengthening of US futures, while market participants also began to position themselves ahead of President Trump's speech at the World Economic Forum, scheduled for that same day. In China, the stock market also moved slightly higher after regulators intervened to curb volatility, including cracking down on hundreds of transactions deemed "abnormal." The stock exchange also began investigating several issuers suspected of disclosing misleading information, which helped calm the market.
However, the Hang Seng's upside remained limited by caution. Investors awaited the release of Hong Kong's December inflation data and the first-quarter business sentiment report, which could determine its next direction.
At the stock level, China Vanke surged 4.6% after bondholders agreed to defer the payment of 60% of the principal on its CNY 1.1 billion putable bonds for one year. Meanwhile, ASMPT rose 4.3% after stating it is evaluating strategic options for its Surface Mount Technology (SMT) business.
Source: Newsmaker.id
