Hong Kong Shares Rise Slightly
Hong Kong shares rose 56 points, or 0.2%, to 23,691 during the morning session on Thursday (May 15), marking a second straight day of gains. Traders reacted to Beijing’s decision to lift export curbs on rare earths and military-use technology for 28 U.S. entities, effective Wednesday, allowing exporters to apply for licenses for a 90-day period. China also temporarily lifted trade and investment bans on 17 U.S. companies, which it called a potential step to restart bilateral ties. Locally, Financial Secretary Paul Chan said Hong Kong’s interest rates may remain low due to ample liquidity, which supports equity and property markets.
However, gains were capped by weak April credit data from China, with new yuan loans falling to a 20-year low of CNY280 billion, reflecting the initial impact of trade tensions. Consumer and technology stocks led gains, while financial stocks lagged. Tencent rose after its Q1 earnings beat estimates. Other companies that posted significant gains included Miniso Group (2.7%), AIA Group (2.3%), and Xiaomi Corp. (1.9%).(Newsmaker23)
Source: Trading Economics
