The Hang Seng rallied 338 points or 1.6% to end at 21,395 on Thursday, rebounding from the previous session's weakness. The recovery tracked a surge in US futures after President Trump cited "big progress" in negotiations aimed at helping Japan avoid higher tariffs. Investor sentiment was also boosted by Chinese President Xi Jinping's call for regional unity and an "Asian family" during his Southeast Asia tour.
Gains were broad-based, led by tech, property, and consumer sectors. However, upside momentum was capped after Fed Chair Powell warned that tariffs could slow growth and push up prices.
Meanwhile, Goldman Sachs estimated that US investors might be forced to divest up to $800 billion of mainland Chinese equities in a worst-case scenario of financial decoupling.
The top three stocks by market capitalization—Tencent (2.0%), Xiaomi (1.2%), and Meituan (0.8%)— all posted gains. Other standout performers were Mixue Group (6.5%), KE Holdings (5.0%), and Longfor Group (4.7%).
Source: Trading Economics
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