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South China Morning Post
14 hours ago
- Business
- South China Morning Post
Hong Kong stocks gain as PBOC's benchmark-rate choice spurs optimism on economy
Hong Kong stocks rose on Friday, paring the week's losses as China's decision to stand pat on a benchmark interest rate offered optimism that a recovery in the world's second-largest economy would hold up. Advertisement The Hang Seng Index climbed 0.6 per cent to 23,372.46 as of 10.10am local time, trimming the weekly loss to 2.1 per cent. The Hang Seng Tech Index gained 0.5 per cent. On the mainland, the CSI 300 Index and the Shanghai Composite Index added at least 0.1 per cent. Sunny Optical Technology Group advanced 3.7 per cent to HK$65 and sportswear maker Li Ning rallied 2.8 per cent to HK$15.42. China Life Insurance added 2.5 per cent to HK$18.20. Alibaba Group Holding rose 0.4 per cent to HK$110.40. China left the one-year loan prime rate at 3 per cent this month, and the five-year rate at 3.5 per cent, according to the central bank. The People's Bank of China has refrained from cutting the interest rate aggressively, stirring expectations that the economy has been riding out headwinds such as tariffs from the US and a downturn on the property market. Other major Asian markets were mixed. Japan's Nikkei 225 slipped 0.1 per cent and Australia's S&P/ASX 200 lost 0.7 per cent, while South Korea's Kospi rose 0.9 per cent. Advertisement
South China Morning Post
12-05-2025
- Business
- South China Morning Post
Hong Kong stocks extend longest streak in a year on China-US trade talk progress
Hong Kong stocks rose for an eighth day on Monday, extending the longest winning stretch in a year as a de-escalation of the China-US trade war boosted risk appetite. Advertisement The Hang Seng Index advanced 0.9 per cent to 23,079.88 at the noon break, adding to a cumulative 4.1 per cent gain over the past seven days. The eight-day run is the longest since the 10-day streak ending in May 2024. The Hang Seng Tech Index advanced 1.9 per cent. On the mainland, the CSI 300 Index climbed 0.6 per cent, and the Shanghai Composite Index added 0.4 per cent. The onshore yuan strengthened 0.2 per cent against the US dollar. Futures contracts on three US stock benchmarks rose at least 1 per cent during Asian-hours trading, while haven trade unravelled, with spot gold prices sliding as much as 2 per cent. Companies that rely on overseas sales led the Hang Seng Index's gain. Sunny Optical Technical Group, the maker of camera modules for mobile phones that derived more than 40 per cent of its sales from overseas last year, rallied 10 per cent to HK$70.95. Hong Kong machine tool maker Techtronic Industries, which counted on North America for 76 per cent of its revenue in 2024, rose 4 per cent to HK$89.80. Household appliance maker Haier Smart Home advanced 4.2 per cent to HK$23.75. Advertisement China and the US said they made 'substantial progress' on trade talks after two days of negotiations in Switzerland. The two nations agreed to establish a 'trade consultation mechanism', Chinese Vice-Premier He Lifeng told reporters in Geneva. The two sides 'have taken important steps to resolve differences through equal dialogue and consultation'. They plan to issue a joint statement later on Monday and 'conduct further consultations on issues of mutual concern', China's official Xinhua News Agency said.
South China Morning Post
12-05-2025
- Business
- South China Morning Post
Hong Kong stocks extend longest streak in a year on China-US trade talks' progress
Hong Kong stocks rose for an eighth day on Monday, extending the longest winning stretch in a year as a de-escalation of the China-US trade war boosted risk appetite. Advertisement The Hang Seng Index added 0.9 per cent to 23,068.17 as of 9.55am local time. The eight-day gain is the longest since the 10-day streak ending in May 2024. The Hang Seng Tech Index advanced 1.4 per cent per cent. On the mainland, the CSI 300 Index climbed 0.5 per cent, and the Shanghai Composite Index added 0.4 per cent. Companies that rely on overseas sales led the gain. Machine tool maker Techtronic Industries rose 4 per cent to HK$89.90 and Sunny Optical Technical Group jumped 5.1 per cent to HK$67.65. Household appliance maker Haier Smart Home advanced 3.3 per cent to HK$23.55. China and the US said they made 'substantial progress' on trade talks after two days of negotiations in Switzerland. The two nations agreed to establish a 'trade consultation mechanism', Chinese Vice-Premier He Lifeng told reporters. Advertisement The two sides 'have taken important steps to resolve differences through equal dialogue and consultation'. They plan to issue a joint statement later on Monday and 'conduct further consultations on issues of mutual concern', China's official Xinhua News Agency said.
