Hong Kong Stocks Soar Ahead of Expected Fed Rate Cut; Midea Surges on Debut
Hong Kong stocks jumped to a two-week high as local developers rallied ahead of an expected rate cut from the Federal Reserve, as appliance maker Midea Group surged on its trading debut.
Midea shares rose 8 per cent to HK$59.20 in their Hong Kong trading debut. It was the city's largest initial public offering (IPO) in more than three years.
The Hang Seng Index added 1 per cent to 17,603.94 as of 10.05am local time, its highest level since September 3, while the Tech Index gained 0.6 per cent. Mainland markets are closed for a holiday.
Elsewhere, food delivery platform Meituan jumped 1.1 per cent to HK$127.90, personal computer giant Lenovo gained 1.2 per cent to HK$9.51 and electric vehicle company Li Auto added 0.7 per cent to HK$74.70.
CK Asset Holdings jumped 2.1 per cent to HK$31.45 and Henderson Land climbed 1.5 per cent to HK$24.15, leading gains among Hong Kong developers ahead of the Fed's rate decision.
Source : SCMP