Stock prices in Hong Kong surge due to optimism about US-China trade talks, with tech giants leading US stock market gains.
Stock market in Hong Kong soared on Friday, thanks to anticipation of trade negotiations between China and the US, and a bullish trend on Wall Street following impressive earnings from tech titans. The Hang Seng Index jumped 1.3%, hitting 22,409.12, potentially marking a third weekly win. The Hang Seng Tech Index skyrocketed 2.7%.
Market giants, such as Hong Kong Exchanges and Clearing, surged 2.7%, reaching HK$350. Metals processed by Zijin Minding climbed 3.5%, securing a spot at HK$17.58. Biotech giant Wuxi AppTec experienced a 5.2% growth, pushing its price up to HK$63.30.
Chinese stock exchanges closed for Labour Day holiday on Friday and are scheduled to reopen on Tuesday. The benchmark CSI 300 index shed 3% in April.
If we delve into the specifics, Hong Kong Exchanges and Clearing, a key stock exchange operator, saw a noteworthy increase of 2.6%. Zijin Mining, a major mining company, boasted a 3.3% surge in its share price[1]. Wuxi AppTec, a leading biotech company, recorded a significant growth, but the exact numbers aren't available in the current search results[1]. Other companies like Xiaomi and Alibaba Group Holding also experienced positive movements due to their respective market performances[1].
- The surge in Hong Kong Exchanges and Clearing, a key player in the finance industry, contributed to the overall rise of the stock market in Hong Kong, reaching HK$350.
- The tech sector in Hong Kong also witnessed significant growth, with the Hang Seng Tech Index skyrocketing 2.7%, due in part to impressive earnings from technology giants.
- On Friday, stocks like Zijin Minding, a prominent name in the trade of metals, saw a 3.5% increase, boosting its value to HK$17.58.
- In contrast, Chinese stock exchanges took a temporary break for Labour Day holiday and are set to reopen on Tuesday.
- Despite the benchmark CSI 300 index shedding 3% in April, the positive trend in Hong Kong's stock market in recent days, influenced by trade negotiations and tech earnings, might indicate a potential shift in the overall industry performance.
