Hong Kong Stocks Snap Two-Day Slide
Shares in Hong Kong rose 111 points, or 0.4%, to 26,887 in Tuesday morning trading, halting a two-session losing streak. The rebound followed overnight strength on Wall Street, as pressure from last week’s sharp selloff in metals and cryptocurrencies eased further.
Bargain hunting also emerged after local markets retreated from a 4-1/2-year high. Mainland shares also advanced after recent losses, supported by private survey data showing factory activity in January grew at the fastest pace in three months, with producers ramping up output ahead of the Lunar New Year. However, gains were capped by caution ahead of Hong Kong’s December retail sales release later today, and by China’s move to raise VAT on telecom services to 9% from 6%.
All sectors traded higher, led by property and financials. Mining stocks rose with metals, including Zijin Gold International (3.3%) and Zhaojin Mining (1.9%). Other notable gainers were CK Hutchison (3.7%), Wuxi Biologics (3.2%), and MTR Corp (3.0%).
Source : Tradingeconomics.com
