Hong Kong stocks rise as US, China negotiators gear up for trade talks
Top trade negotiators from the US and China are scheduled to engage in talks in London on Monday
Hong Kong stocks rose on Monday as mainland China and the US were set to hold trade talks in London, as Beijing released better-than-expected economic data.
The Hang Seng Index rose 1.3 per cent to 24,109.48 at 9.55am local time. The Hang Seng Tech Index jumped 2.3 per cent. On the mainland, the CSI 300 Index and the Shanghai Composite Index both added 0.3 per cent.
Delivery platform Meituan rose 4.5 per cent to HK$148.10 and short video platform firm Kuaishou Technology advanced 4.3 per cent to HK$61.65.
Other large tech stocks also performed well: JD.com added 4.1 per cent to HK$134 and Alibaba Group Holding rose 2.1 per cent to HK$119.10. Alibaba owns the Post.
On the flip side, Geely Automobile Holdings dropped 0.9 per cent to HK$17.78 and electric-vehicle maker BYD fell 0.7 per cent to HK$400.40 amid an industry-wide price war.
Top trade negotiators from the US and China were scheduled to engage in talks in London on Monday, raising hopes that tariff tensions could ease as both nations seek to bolster their economies.
On Saturday, China's Ministry of Commerce confirmed the approval of some applications for the export of rare earths, without specifying which countries or industries were covered. But the move could mean US-China trade flows were resuming.
China's consumer price index, a key gauge of inflation, fell 0.1 per cent from a year earlier last month, slightly better than the 0.2 per cent drop forecast by a Bloomberg survey. The result underscored persistent weakness in domestic demand and would likely keep the central bank on an easing path.
In other major Asia-Pacific markets, Japan's Nikkei 225 rose 0.9 per cent, South Korea's Kospi added 1.8 per cent and Australia's S&P/ASX 200 fell 0.3 per cent.
Source : South China Morning Post
