Hong Kong Stocks Rise After 2-Day Loss
Hong Kong stocks rose 61 points, or 0.3%, to 20,214 in early trading on Thursday, snapping losses from the previous two sessions. The gains tracked the Nasdaq’s overnight rise to a record high, with mild U.S. inflation in November strengthening bets that the Fed will cut interest rates later this month. Meanwhile,
U.S. President-elect Donald Trump has invited Chinese President Xi Jinping to attend his inauguration in Washington next month, CBS News reported. In other news, Treasury Secretary Yellen called on the new U.S. administration to keep the dialogue it has re-established with China open. Traders were eyeing a key China meeting that is expected to set policy for next year after the Politburo signaled stimulus earlier in the week. Most sectors rose modestly, with gains in technology, property and financials. The city’s two largest stocks by market capitalization advanced, with Tencent Hlds. and Xiaomi Corp. up 0.8% and 0.2%, respectively. Other companies that also posted early performance were Prada Spa (2.8%) and Trip.Com (2.0%).
Source: Trading Economics
