Hong Kong Equities Hover at 7-Week Peak
Hong Kong stocks rose 124 points or 0.5% to a seven-week high of 23,806 in early trade Wednesday, extending gains from the previous session as most sectors advanced.
Sentiment continued to be supported by China’s central bank cutting key lending rates for the first time in seven months to support growth and ease trade-related risks. Major state banks in the mainland also lowered deposit rates to relieve pressure from narrowing interest margins.
However, gains were somewhat limited by a rise in the city’s jobless rate to 3.4% in the three months ending April its highest in over two years and by continued weakness in the Hong Kong dollar, which approached a 13-month low following recent intervention by the Hong Kong Monetary Authority.
Among top movers, auto stocks jumped, with Li Auto up 3.7% and Geely Auto 3.1%, while pharma names such as Wuxi Biologics (3.7%) and Innovent Biologics (2.7%) also posted strong gains
Source: trading Economi
