Hong Kong stocks rise as China-US trade progress boosts sentiment
Preliminary deal made in Kuala Lumpur raises hopes for stabilisation in the trade relationship between the world’s top two economies
The Hang Seng Index climbed 1.1 per cent to 26,433.70 at the close of trading. The Hang Seng Tech Index advanced 1.8 per cent. On the mainland, both the CSI 300 Index and the Shanghai Composite Index added 1.2 per cent.
Leading the gainers, pharmaceutical firm WuXi AppTec surged 4.1 per cent to HK$115 and Chinese chipmaker Semiconductor Manufacturing International advanced 3.5 per cent to HK$82.80. Search-engine giant Baidu jumped 6.2 per cent to HK$125.10, while e-commerce leader Alibaba Group Holding climbed 3.2 per cent to HK$173.60 and peer JD.com rose 2.3 per cent to HK$131.80.
Limiting gains, electric-vehicle maker Li Auto lost 1.8 per cent to HK$83.60, while sportswear producer Li Ning fell 2.9 per cent to HK$17.63. Smartphone and car maker Xiaomi tumbled 0.3 per cent to HK$45.80, and online game provider NetEase slipped 0.3 per cent to HK$230.
Top trade negotiators from China and the US agreed on Sunday to an initial deal following two days of talks led by Vice-Premier He Lifeng and US Treasury Secretary Scott Bessent. The consensus, which will be sent for domestic approval by both sides, came ahead of the November 10 expiration of a temporary tariff truce.
The development also comes just days before the anticipated meeting between Chinese President Xi Jinping and US President Donald Trump, scheduled for this Thursday at the Asia Pacific Economic Cooperation meeting – their first face-to-face since Trump’s return to the White House in January.