BYD Company's stock is soaring, recording a significant gain of 5.01% during Thursday's trading session. This surge comes as part of a broader rally in Hong Kong stocks, particularly in the tech and electric vehicle (EV) sectors.
The market's positive momentum was triggered by US President Trump's announcement of a 90-day pause on reciprocal tariffs that were set to impact numerous trade partners. This news provided a boost to investor sentiment, especially benefiting Chinese companies listed in Hong Kong. The Hang Seng Index rose 2.7%, while the Hang Seng Tech Index saw an even more impressive gain of 4%.
BYD, as a leading player in the EV industry, is riding this wave of optimism. The company's stock had been set to open up 3.3%, but has outperformed initial expectations, likely due to the overall strength in the tech and EV sectors. Other EV makers also saw significant gains, with XPeng rising 6% and NIO up 4%. This upward trend in the EV sector suggests that investors are particularly bullish on the prospects of electric vehicle manufacturers in light of the potential easing of trade tensions.
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