Hong Kong shares added 53 points or 0.2% to 25,659 in Thursday's morning session, rising for the fourth day to a three-week high. Sentiment was lifted by record closes for Wall Street's S&P 500 and Nasdaq for the second day overnight, as traders increased bets on a US Fed rate cut next month.
Meantime, Treasury Secretary Bessent called for a series of cuts, starting with a 50bps move in September. In China, Beijing pledged interest subsidies for businesses in eight consumer service sectors to boost spending. Further strength, however, was capped by growing caution ahead of July activity data in China, notably industrial output and retail sales.
All sectors moved in the green, led by property, consumer, and tech. Tencent climbed near 2% to its highest in 4-1/2 years after a quarterly revenue beat, while notable gains were also seen for KE Holdings (4.0%), SMIC (3.3%), Zhaojin Mining (1.7%), and Meituan (1.5%). Lenovo, however, fell 3.6% despite reporting a sharp Q1 profit surge.
Source: Trading Economics
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