Hong Kong Shares Rally to 4-Year High
Hong Kong's stock market surged by 358 points, equivalent to a 1.4% increase, reaching 25,988 in early trading on Tuesday. This marks the third consecutive session of gains, with stocks climbing to their highest point since October 2021 as all sectors saw upward movement. The positive momentum from Wall Street on Monday bolstered market sentiment in anticipation of potential Federal Reserve rate cuts later this month. Property stocks in Hong Kong led the upward trend, rising approximately 2% following the easing of home purchase restrictions in Shenzhen last week. Technology, financial, and consumer sectors also experienced gains, buoyed by a third consecutive rise in mainland markets, as Beijing approaches a record trade surplus despite August exports falling to a six-month low. However, the upswing was moderated by cautious anticipation of China's Consumer Price Index (CPI) and Producer Price Index (PPI) data releases scheduled for Wednesday, with lingering deflation concerns after July's stagnant consumer prices and the 34th consecutive decline in producer prices. Among major companies, Tencent rose by 1.4%, Xiaomi by 1.1%, and AIA Group by 2.9%. Other significant movers included Geely Automobile Holdings with a 4.0% increase, China Land at 3.9%, Kuaishou Technology up 3.8%, and Semiconductor Manufacturing International Corporation (SMIC) climbing by 3.0%.
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