Hang Seng Index Rises 181 Points, Technology and Financial Stocks Strengthen
The Hang Seng Index rose around 181 points, or 0.7%, to 26,085 on Wednesday (May 6), following the rise in global equities. However, the market is still weighing uncertainty from the Middle East, which has recently increased volatility in risk assets.
Sentiment improved after Washington took de-escalation steps with Iran, including halting offensive operations, reaffirming a ceasefire, and temporarily suspending efforts to support the movement of ships leaving the Strait of Hormuz. These developments helped ease market concerns about escalation that could disrupt trade and energy supply chains.
Oil prices also weakened after initially surging on concerns about supply disruptions. The decline in crude oil prices eased pressure on inflation expectations, providing room for a more stable regional equity outlook. The combination of improving risk sentiment and weakening oil prices also boosted appetite for riskier assets in Asia.
In Hong Kong, gains were led by financial and semiconductor-related technology stocks. Some notable stocks included SMIC (up 6.6%), Xiaomi (up 1.5%), Akeso (up 4.4%), CK Hutchison (up 2.4%), and AIA Group (up 0.1%). (asd)
Source: Newsmaker.id
