Hong Kong stocks rose 191 points or 0.8% to 25,183 on Friday morning trade, rising for the first session in four after Wall Street's S&P 500 and Dow Jones closed at record highs overnight on stronger-than-expected U.S. Q2 GDP growth.
Gains were broad-based, led by consumer, financial, and property shares. Trip.com climbed 3.8% after logging stronger revenues, while Ping An Insurance jumped 2.7% on plans to buy more equities, following increased allocations to high-dividend Hong Kong-listed banks earlier this year.
Pharma stocks also outperformed, with Wuxi Biologics up 5.2%, followed by Innovent Biologics (2.4%), and Sino Biopharma (2.2%).
The Hang Seng is on track for a fourth straight monthly gain, up about 1.6%, buoyed by renewed AI optimism, attractive valuations in China and Hong Kong, Beijing's policy support, and ample liquidity as low bank returns push investors toward equities. Traders now anticipate China's official PMI reading for August, which will be due over the weekend.
Source: Trading Economics
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