Hong Kong Stocks Rally from a Six-Week Low; SMIC Jumps 5%; Tencent Gains 2%
Hong Kong stocks rallied on Thursday from a six-week low. China’s consumer price index rose 0.1% from a year earlier, the National Bureau of Statistics said Thursday, compared with a 0.2% gain in the previous month. The reading matched the median forecast of economists surveyed by Bloomberg.
The Hang Seng Index rose 0.3% to 19,334.24 as of 10.18am. While the Tech Index rose 0.6%.
In terms of star stocks, SMIC rose 5%; Xiaomi and NetEase rose 3%; Tencent rose 2%; NIO fell 1%; Meituan, Bilibili, and XPeng fell 2%; Li Auto fell 3%.
The US Trade Representative's office removed the instant messaging app WeChat under Tencent from its latest “Notorious Markets List”, after the tech giant was blacklisted by the US defense department.
Hong Kong stocks fell for a third day on Wednesday to a six-week low on concerns a robust US labour market will restrain the Federal Reserve from more interest-rate cuts this year, while China struggles to end sticky deflation in the economy.
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