Published on 06/05/2025 at 04:38
(MT Newswires) -- Hong Kong stocks powered ahead for a third straight session on Thursday, fueled by stronger-than-expected growth in China's services sector despite simmering global trade tensions.
The Hang Seng Index rose 1.1%, or 252.94 points, to 23,906.97, while the Hang Seng China Enterprises Index gained 1.3%, or 107.98 points, to 8,684.73.
Investor confidence surged after the Caixin China General Services Business Activity Index accelerated to 51.1 in May from 50.7 in April, signaling solid expansion in the sector. This resilience came despite ongoing pressure on new export orders amid renewed tariff threats.
Adding momentum, a softer-than-forecast US private payroll report stoked expectations of a Federal Reserve rate cut later this year, with anticipation that Hong Kong's monetary authority will follow suit to defend the city's dollar peg, sparking fresh waves of optimism.
In corporate action, tech heavyweights also led the charge, lifting the market higher.
Alibaba gained 3% to HK$118.20, Meituan rose 3% to HK$144.40, and short-video platform Kuaishou Technology surged 5% to HK$54.35.
While Miniso Group has reportedly appointed JPMorgan Chase and UBS to manage the Hong Kong IPO of its toy unit, Top Toy, Bloomberg reported, citing people familiar with the matter.

Sumber : MT Newswires