Hong Kong Stocks Edge Higher on China Support Hopes
The Hang Seng Index rose 0.4%, or 101 points, to around 23,500 on Tuesday, supported by gains in technology services, retail trade and consumer-related shares, which outweighed weakness in energy, electronics and healthcare stocks. Sentiment also drew support from China's latest measures to shore up its equity markets, including plans to provide more than CNY100 billion in potential liquidity for stock purchases and lower interest rates on share-buyback loans. A sharp decline in oil prices amid hopes of a US-Iran diplomatic breakthrough also eased inflation concerns. However, worries over heavy AI spending and uncertain returns continued to weigh on sentiment following the recent selloff in US technology shares. Among notable movers, Tencent (1.3%), NetEase (2.0%), Meituan (2.1%), Alibaba (1.5%) and CATL (6.1%) advanced. Investors also awaited Hong Kong's preliminary third-quarter GDP and September retail sales figures.
The Hang Seng Index rose 0.4%, or 101 points, to around 23,500 on Tuesday, supported by gains in technology services, retail trade and consumer-related shares, which outweighed weakness in energy, electronics and healthcare stocks. Sentiment also drew support from China's latest measures to shore up its equity markets, including plans to provide more than CNY100 billion in potential liquidity for stock purchases and lower interest rates on share-buyback loans. A sharp decline in oil prices amid hopes of a US-Iran diplomatic breakthrough also eased inflation concerns.
However, worries over heavy AI spending and uncertain returns continued to weigh on sentiment following the recent selloff in US technology shares. Among notable movers, Tencent (1.3%), NetEase (2.0%), Meituan (2.1%), Alibaba (1.5%) and CATL (6.1%) advanced. Investors also awaited Hong Kong's preliminary third-quarter GDP and September retail sales figures.