Hong Kong Stocks Continue Gains for Third Session, Set for Weekly Decline
Hong Kong stocks rose 150 points, or 0.6%, to 25,649 in early trading on Friday, maintaining gains for the third straight session amid broad-based strength across sectors. Sentiment was lifted by a stronger close on Wall Street overnight, driven by a rebound in technology stocks and weaker US inflation data that reinforced expectations of a Fed rate cut next year.
A third straight gain in mainland Chinese stocks also supported the market, as investors positioned themselves for China's key policy rate decision next week. Among the stocks that saw significant gains, XPeng surged 4.6%, followed by Nongfu Spring (3.6%), Innovent Biologics (3.3%), SMIC (1.5%), and Tencent Holdings (1.2%). Despite the recent recovery, Hong Kong stocks remain on track for a second straight weekly decline, down about 1% so far, weighed down by lingering concerns that China's economy lost momentum in November and the lack of any new stimulus signals from Beijing ahead of the year-end. (asd)
Source: Newsmaker.id
