Hong Kong stocks rose for a sixth straight day after Beijing unveiled a number of measures to support the economy and stabilise its markets ahead of US-China tariff talks this weekend.
Overnight, the US Federal Reserve kept its interest rate unchanged, reiterating that it was not in a hurry to make cuts. Also, the Trump administration said it was prepared to end chip-export restrictions, which led to a
Nvidia rally.
The Hang Seng Index rose nearly 1 per cent to 22,924.95 at 11am, while the Hang Seng Tech Index was up 1.5 per cent. On the mainland, the CSI 300 Index was 0.7 per cent higher and the Shanghai Composite Index rose 0.4 per cent.
Carmaker Geely Automobile rose more than 5 per cent to HK$17.68, Li Auto increased by nearly 7 per cent to HK$107.90 and food delivery platform Meituan rose 3 per cent to HK$142.80. Chipmaker Semiconductor Manufacturing International Corporation fell over 2 per cent to HK$45.15 and tech giant Baidu declined by more than 2 per cent to HK$85.70.
The Hong Kong Monetary Authority
kept its base rate unchanged at 4.75 per cent on Thursday, in lockstep with the US Federal Reserve, which left its target range at 4.25 to 4.5 per cent after the year’s third Federal Open Market Committee meeting, as policymakers assessed the potential inflationary impact of President Donald Trump’s tariffs.
On Wednesday, the Trump administration said it would rescind and replace Biden-era curbs on global artificial intelligence (AI) chip exports, which were designed to prevent China from acquiring AI chip technology via intermediaries.
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