Hong Kong stocks gain after US reversal on package ban
Hong Kong stocks rose on Thursday, following gains in the US as traders navigated nonstop news around the trade battle between the world's two largest economies.
The Hang Seng Index advanced 0.1 per cent to 20,614.20 at 10.05am local time, on track for a fourth consecutive weekly gain. The Hang Seng Tech Index rose 0.4 per cent.
Mainland China's benchmarks the CSI 300 Index and the Shanghai Composite Index both rose 0.1 per cent.
Sunny Optical Technology climbed 3.8 per cent to HK$75.20, machine tool maker Techtronic Industries rose 2.9 per cent to HK$102 and Lenovo Group jumped 2.9 per cent to HK$11.26. Tencent-backed e-book seller China Literature surged 6.3 per cent to HK$28.65, while Hua Hong Semiconductor rose 3.2 per cent to HK$26.10 and its peer Semiconductor Manufacturing gained 3 per cent to HK$46.05.
Leading decliners, Alibaba Health Information lost 3 per cent to HK$3.59, and internet giant Baidu dropped 1.8 per cent to HK$86.25. Meituan dipped 1.7 per cent to HK$148.30, while Kuaishou Technology declined 1.8 per cent to HK$44.60.
'Our playbook for Trump 2.0 was to buckle up for higher volatility,' Louis Luo, head of multi-asset investment solutions for Greater China at Abrdn, said in a note on Wednesday. Under US-China trade tensions, his firm investing more in China as it is better positioned than emerging-market peers in the near term, he added.
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