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Hong Kong stocks rise on Trump’s China optimism and Wall Street rally
Hang Seng Index ends in positive territory for a second week, led by Sunny Optical, Xiaomi and Trip.com
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Hong Kong stocks rose, tracking a rally on Wall Street that sent a benchmark index to a record high, and the prospect of warmer US-China relations following US President Donald Trump’s speech to the World Economic Forum further aided sentiment.
The Hang Seng Index jumped 1.9 per cent to 20,066.19 on Friday, ending higher for a second week with gains of 1.3 per cent for the five-day period. The Hang Seng Tech Index surged 3.2 per cent. On the mainland, the CSI 300 Index was up 0.8 per cent, while the Shanghai Composite Index increased 0.7 per cent.
Apple supplier Sunny Optical led the pacers, rising 8 per cent to HK$73.00. Phone maker Xiaomi jumped 6.8 per cent to HK$36.85, while travel platform Trip.com advanced 5.3 per cent to HK$541.00.
Trump voiced optimism about relations with China, describing it as “very good”, while warning of tariffs on companies that do not manufacture in the US. He also called for lower interest rates and cheaper oil prices. The comments sent the S&P 500 Index 0.5 per cent higher to an all-time high, with the gauge crossing the 6,100 level.
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