The Hang Seng Index advanced 2 per cent to 24,150.76 at the local noon break, heading for the biggest gain since May 14. The Hang Seng Tech Index rallied 2.3 per cent. The CSI 300 Index of onshore leading stocks climbed 1.1 per cent, while the Shanghai Composite Index added 1 per cent.
Alibaba Group Holding rose 2.1 per cent to HK$113.10 and Tencent Holdings added 0.8 per cent to HK$508. Aluminium maker China Hongqiao surged 6.9 per cent to HK$17 after projecting first-half earnings to rise 35 per cent from a year ago. EV makers Li Auto jumped 4.7 per cent to HK$112.70 while Xiaomi added 3.7 per cent to HK$56.90.
CNOOC dropped 1 per cent to HK$17.92 and PetroChina shed 0.8 per cent to HK$6.66 on lower oil prices, surrendering some of Monday’s gains.
Trump claimed on Monday that Israel and Iran agreed to a truce over the next 24 hours, days after authorising a military strike on Iran’s nuclear facilities. The ceasefire came even after Iran attacked US airbases in Qatar and Iraq, and threatened to shut the Hormuz Strait, a major oil shipping route.
Futures on West Texas Intermediate oil tumbled more than 3 per cent to US$66.21 a barrel in Asian trading hours, extending an 8.6 per cent slump on Monday. Spot gold weakened 0.6 per cent.
