Hong Kong stocks search for direction amid geopolitical concerns
Gold crosses US$5,000 for the first time amid mounting geopolitical uncertainty and growing investor aversion to major currencies
Haven assets such as gold and silver surged to new highs.
The Hang Seng Index rose less than 0.1 per cent to 26,765.52, after dropping as much as 0.5 per cent. The Hang Seng Tech Index lost 1.2 per cent. On the mainland, the CSI 300 Index advanced 0.1 per cent and the Shanghai Composite Index slipped 0.1 per cent.
Precious metals miner Zijin Mining Group surged 4.4 per cent to HK$42.18 on surging demand for haven assets amid geopolitical tension, while e-commerce giant JD.com added 1.1 per cent to HK$116 and Tencent Holdings gained 0.8 per cent to HK$599.50.
Hong Kong property stocks rose after a Morgan Stanley analyst predicted a rebound in the city’s housing market following a four-year slump. Sun Hung Kai Properties jumped 3.9 per cent to HK$119, Hang Lung Properties rose 3.5 per cent to HK$9.54 and CK Asset Holdings gained 3.1 per cent to HK$45.36.