Hong Kong shares surged 375 points, or 1.4%, to 26,405 on Friday morning's trade, reversing losses in the prior session and hitting their highest in over four years. The rally was broad-based, tracking a global rally after Wall Street's S&P 500 notched a third record close Thursday following higher-than-expected US jobless claims that solidified bets of a Fed rate cut next week, with more easing through year-end.
For the week, the Hang Seng is up about 4%, set for a second straight weekly gain, lifted by a report that Beijing may direct state banks to help local governments cover unpaid bills. However, gains were capped by concerns that the U.S. could restrict Chinese medicines and tighten oversight of licensing deals for experimental drugs.
Alibaba Hong Kong jumped 7% and Baidu soared almost 4% after both firms began using internally designed chips to train AI models, reducing reliance on Nvidia. Other top movers included China Hongqiao (4.6%), XPeng (2.8%), and Pop Mart Intl. (2.7%).
Source: Trading Economics
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