Xiaomi, Baidu boost Hong Kong stocks as investors eye Fed’s Jackson Hole meet
- The benchmark Hang Seng Index maintains positive momentum as traders brace for earnings season in Hong Kong and Fed’s rate move
Hong Kong stocks rose on Monday driven by a rally in technology shares, adding to the biggest gain in two weeks on Friday, as investors focus on the coming earnings season and potential interest-rate cuts in the United States.
The Hang Seng Index added 0.8 per cent to 17,569.57 at the close. The Tech Index jumped 1.7 per cent after surging as much as 3 per cent in early trading, while the Shanghai Composite Index gained 0.5 per cent.
Li Auto rose 5.3 per cent to HK$80.65, leading gains among carmakers, and Xpeng advanced 3.8 per cent to HK$27.60.
Investors are looking to the Federal Reserve’s annual meeting this week in Jackson Hole, Wyoming, which is expected to pave the way for the rate cut next month. US stocks recorded their best week of this year after closing higher on Friday, shedding jitters of a US economic slowdown earlier this month.
“The Hong Kong stock market has an opportunity to show short-term upwards momentum this week,” said Kenny Ng, a securities strategist at China Everbright Securities International.
