Hong Kong Stocks Hit Two-Week High, Supported by Wall Street and Oil Drop
Hong Kong stocks rallied sharply on Tuesday morning, with the index rising 365 points, or 1.4%, to 26,192, hitting a two-week high. The gains extended the previous session's rally amid improving global sentiment.
The main boost came from Wall Street's overnight rebound and oil prices falling back below US$100 per barrel. The decline in oil helped ease inflation concerns and provide some room for riskier assets.
In China, stocks edged higher after recent weakness, supported by solid January-February activity data. Industrials, retail sales, and fixed-asset investment all showed increases, helping improve perceptions of recovery momentum.
In Hong Kong, all sectors rose, led by technology and property stocks. However, gains were tempered by cautious sentiment ahead of China's loan prime rate (LPR) decision this week.
In February, the People's Bank of China (PBOC) maintained the LPR at an all-time low for the ninth consecutive month. The market believes the next decision will determine whether policy support will be increased or held steady.
From a geopolitical perspective, the Iran conflict remains a risk factor overshadowing the prospects of the Trump-Xi Jinping meeting planned for later this month. Among the stocks that stood out were Pop Mart (4.8%), Zijin Gold (4.6%), Meituan (4.2%), Xiaomi (3.8%), and Laopu Gold (3.3%). (asd)
Source: Newsmaker.id
