Hang Seng Index Shows Gains, Continued to be Led by Technology Stocks
The Hang Seng Index rose 160 points, or 0.6%, to 26,550 on Thursday (May 14), extending gains from the previous session. This gain maintained a positive bias in the Hong Kong stock market, as risk appetite rebounded in the region.
Sentiment was supported by optimism that US-China tensions were gradually easing, which was seen as lowering the geopolitical risk premium. The market also responded to hopes of stabilizing US-China relations ahead of the planned Trump-Xi meeting in Beijing, prompting investors to increase their exposure to riskier assets.
Technology-oriented stocks were the main drivers of the rally. Tencent led the gains with a 2.6% gain, followed by Meituan Class (3.9%), InnoScience Technology (3.4%), Kuaishou Technology (4.8%), Xiaomi (2.2%), and SMIC (1.6%).
While momentum remains positive, market direction is considered sensitive to the release of US economic data, changes in Federal Reserve interest rate expectations, and the latest developments in US-China diplomatic talks. This combination of factors has the potential to quickly shift sentiment and determine the continuation of the rally in the Hong Kong index. (asd)
Source: Newsmaker.id