Hong Kong stocks increased 89 points or 0.3 to 25,191 in early trade Friday, with gains across most sectors.
The market rebounded from the prior session’s losses despite overnight weakness on Wall Street, as investors cautiously awaited Fed Chair Powell’s speech at Jackson Hole.
Sentiment also improved on hopes of fresh stimulus from Beijing after China’s economy slowed in July.
Starting in September, the Chinese government will launch a one-year consumer loan subsidy program, covering 90% of interest costs, with local authorities funding the rest. Locally, Hong Kong’s annual inflation eased to a 4-year low of 1.0% in July, marking a third consecutive month of slowdown.
Among notable movers, SMIC gained 5.9%, Kuaishou Technology 2.8%, Wuxi Biologics 2.9%, and Xiaomi 2.0%.
Still, the Hang Seng is set for its first weekly loss in three, down about 0.4% so far, pressured by a rising jobless rate that climbed to 3.7% in the three months through July, the highest in 2-1/2 years.
