Hang Seng Rises 0.9% to 26,160, Rally Extends for Three Sessions
The Hang Seng Index rallied 230 points, or 0.9%, to 26,160 on Thursday, extending its rally for a third consecutive session. The gains followed overnight gains on Wall Street, amid growing market optimism regarding the prospects for US-Iran ceasefire negotiations.
Regional sentiment was also helped by easing oil prices, with crude oil still trading below US$100 per barrel. This helped ease inflation concerns and boost risk appetite in Asian equities, including Hong Kong.
However, the market remains sensitive to developments in the Strait of Hormuz. Market participants believe any new disruption to energy supply lines could quickly dampen sentiment and trigger volatility, so geopolitical factors remain a key factor in determining risk direction.
Sectorally, gains in Hong Kong were broad-based, with technology, financial, and consumer discretionary stocks benefiting from an improving outlook and more constructive global signals. Selective buying in large-cap stocks also strengthened the index's movement.
Several leading issuers recorded gains, including Tencent Holdings (+1.5%), AIA Group (+1.5%), Meituan (+0.6%), Kuaishou Technology (+1.2%), and Pop Mart International (+1.5%), confirming the contribution of heavyweight stocks to the Hang Seng rally. (asd)
Source: Newsmaker.id
