Hong Kong Shares Jump After Wall Street Surge
Hong Kong shares surged 319 points, or 1.7%, to 19,594 on Thursday morning, maintaining their bullish momentum for a third straight session following an overnight rally on Wall Street on the back of an unexpected drop in U.S. core inflation figures for December and strong bank earnings. The market hit a one-week high, rebounding from a near 4-month low hit last week, supported by strong gains across sectors.
Li Ning jumped nearly 3.0% after reclaiming its official sportswear partnership with the Chinese Olympic Committee. Also, UBTech Robotics rose more than 2% after announcing a long-term strategic partnership with Foxconn to implement humanoid robot applications in intelligent manufacturing. Meanwhile, HSBC Hlds. rose 1.8%, hitting a 6-1/2-year high, on strong financial performance. However, caution ahead of China’s Q4 GDP release on Friday, along with December retail sales and industrial production data, capped further gains.
Source: Trading Economics