Hong Kong Equities Rally to 2-Month High
Hong Kong stocks soared 501 points, or 1.9%, to a two-month high of 27,112 in early Tuesday trade, rising for a third session with strength across all sectors. Optimism over earnings and regional growth boosted sentiment, as investors looked past U.S. market concerns about central bank independence.
In China, equities hit a decade-high Monday, buoyed by upbeat prospects for the AI sector under supportive regulation. Meantime, deflation risks eased as consumer inflation touched a near three-year top while producer prices fell more moderately.
On Wall Street, the S&P 500 and Dow closed at record highs overnight ahead of U.S. inflation data and major bank earnings. Gains in Hong Kong were capped by caution over upcoming Chinese trade and GDP figures. Zijin Gold Intl. rose 2.8% amid record gold prices, while Cherry Auto (3.2%), Hansoh Pharma (3.0%), and HKEX (2.4%) were among top movers. GigaDevice Semiconductor climbed 3.2% on debut after raising HKD4.68 billion in a secondary listing.
Source : Tradingeconomics.com