Hong Kong stocks rose 89 points or 0.4% to 23,627 in early trade Friday, swinging from the previous session's drop after the U.S. and China agreed to maintain open communication following a call between Chinese Vice Foreign Minister Ma Zhaoxu and U.S. Deputy Secretary of State Christopher Landau.
Sentiment was also lifted by the PBoC's recent move to cut key interest rates, including those at major state-owned banks, in a step expected to prompt smaller lenders to follow suit amid shrinking net interest margins.
Gains were broad-based, led by financials, tech, and consumer stocks. For the week, the Hang Seng is on track to post its sixth straight gain its longest winning run since February up around 1.0% so far, on upbeat earnings.
However, upside momentum was capped by concerns over U.S. fiscal stability after the House passed a costly tax bill that unsettled markets. Among notable gainers were Smoore Holdings (4.0%), Innovent Biologics (2.9%), Li Auto (2.0%). and China Unicom (1.3%).
Source: Trading Economi
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