Hang Seng Rises, Monthly Performance Remains Weak
Hong Kong stocks rallied in Friday morning trading, with the Hang Seng Index rising 93 points (+0.4%) to 26,477. This increase signaled a recovery after a sharp decline in the previous session, while maintaining the possibility of a moderate weekly gain.
The main driver came from bargain-hunting, which lifted nearly all sectors. Sentiment was also bolstered by the still-hot prospect of IPOs, after four offerings were launched today with a target of raising up to HKD 4.9 billion, according to stock exchange filings.
The property sector led the gains, following reports of a potential relaxation of home-buying rules in Shanghai for non-residents. Meanwhile, the consumer and financial sectors also strengthened, supported by indications of stable spending in mainland China during the Lunar New Year holiday. Several stocks that caught the eye included Sun Hung Kai Properties (+5.4%), CK Asset Holdings (+3.4%), and China Hongqiao Group (+3.0%).
Despite the rebound, the market still faces short-term pressure. The Hang Seng is said to remain on track for a monthly decline of around 3%, amid caution ahead of China's February PMI release. Externally, the impact of US tariffs, global technology valuation issues, and geopolitical risks continue to maintain a cautious market tone. (alg)
Source: Newsmaker.id
