Hong Kong Rebounds: What's Behind the Rise?
Hong Kong stocks edged up 47 points, or 0.2%, at the start of November trading, reaching 25,949. This increase helped the market recover after three consecutive sessions of losses. The gains were primarily driven by financial and property stocks, supported by strengthening US futures after Wall Street posted weekly and monthly gains. Sentiment also improved after the White House announced that China would lift rare earth export controls and end investigations into US semiconductor companies in a new trade deal.
Economically, Hong Kong reported 3.8% year-on-year growth in the third quarter, the fastest since late 2023, driven by strong domestic demand and exports. Retail sales also recorded a 4.8% increase in September, the highest in nearly two years. However, upward momentum was limited after data showed China's factory activity slowing, with the official PMI posting its biggest decline in six months. Some of the stocks under pressure included SMIC, Geely Auto, and Zijin Mining, each of which fell more than 3%. (az)
Source: Newsmaker.id
