Hong Kong Shares Rise Slightly
Hong Kong's stock market experienced a positive movement, advancing by 56 points or 0.2% to reach 23,691 during Thursday morning's trading session, continuing its upward trend for the second consecutive day. This development came in response to Beijing's recent decision to lift export restrictions on rare earths and military-use technologies for 28 American entities, an action that came into effect on Wednesday. This allows exporters a 90-day window to apply for necessary licenses. Additionally, China lifted trade and investment embargoes on 17 U.S. firms temporarily, hinting at a possible reset in diplomatic and economic relations between the two nations.
Domestically, Hong Kong's Financial Secretary, Paul Chan, indicated that interest rates might remain low, attributed to sufficient liquidity in the market, thereby providing support to both capital and real estate markets. Nonetheless, the gains were tempered by disappointing credit figures for April from China. New yuan loans dropped to a two-decade low of CNY 280 billion, indicative of early adverse effects from trade tensions.
Within the market, consumer and technology shares took the lead in the upswing, while the financial sector did not perform as strongly. Highlights included Tencent's share price increase, following a Q1 revenue report that surpassed expectations. Other significant performers were Miniso Group with a 2.7% rise, AIA Group at 2.3%, and Xiaomi Corp., which gained 1.9%.
The material has been provided by - RobotFX
Download NOW!
No comments:
Post a Comment