Shares in Hong Kong jumped 205 points or 0.9%
Shares in Hong Kong jumped 205 points or 0.9% to 22,113 in Friday morning trade, rebounding from the prior session’s losses. The rally followed gains on Wall Street overnight amid bets that the US Fed could cut rates sooner than anticipated to avoid a potential recession. Adding to positive sentiment, PBoC Governor Pan Gongsheng reiterated at the G20 meeting in Washington that China will maintain a moderately loose monetary policy to support its economy. For the week, the Hang Seng is on track for a gain of over 3%, potentially marking its second straight weekly rise, boosted by reports that China has started issuing special bonds to buffer against growing trade tensions. Beijing also moved to cut a negative list for foreign investment from 117 to 106 sectors, signaling efforts to further open up its market. Gains were broad-based, led by property, consumer, and tech. Top movers included Lenovo Group (3.5%), KE Hlds. (4.1%), China Resources Land (2.4%), and China Overseas Land (2.1%).
Source: Trading Economi
