Advertisement
Hong Kong stock market
BusinessChina Business

Hong Kong stocks hit 3-year high on hopes Trump-Xi talks could ease trade tensions

Baidu, Alibaba and Kuaishou jump following overnight gains in US-listed Chinese tech stocks

Reading Time:2 minutes
Why you can trust SCMP
1
Hong Kong stocks rose for a second day on Tuesday. Photo: Elson Li
Yulu Ao
Hong Kong stocks rose to a three-year high on Tuesday on hopes that a potential meeting between the leaders of the US and China could ease a trade war between the world’s top two economies, with overnight gains in US-listed Chinese tech stocks further aiding sentiment.

The Hang Seng Index closed 2.5 per cent at 24,740.57, the highest level since February 2022. The Hang Seng Tech Index climbed 4 per cent. On the mainland, the CSI 300 Index advanced 0.3 per cent and the Shanghai Composite Index rose 0.1 per cent.

Technology firms surged following a 4 per cent gain overnight in the Nasdaq Golden Dragon China Index, which tracks Chinese tech companies listed in the US. Search-engine giant Baidu jumped 12.2 per cent to HK$103.30, while e-commerce leader Alibaba Group Holding advanced 5.8 per cent to HK$143.40 and short-video platform Kuaishou Technology gained 4.4 per cent to HK$66.30.

Electric-vehicle maker BYD added 4.1 per cent to HK$401.40, following an intraday increase of as much as 6 per cent, after it unveiled a new car-charging system late on Monday.

Limiting gains, Chow Tai Fook Jewellery Group lost 1.9 per cent to HK$9.65, and CK Hutchison Holdings retreated 2.8 per cent to HK$45.25.

01:44

China vows to take ‘all necessary measures' after imposition of latest US tariffs

China vows to take ‘all necessary measures' after imposition of latest US tariffs
US President Donald Trump on Monday said Chinese President Xi Jinping would visit Washington in the “not too distant future”, following recent reports that the leaders were considering a summit as early as April amid an escalating trade war.
Advertisement