On Friday, Hong Kong stocks rose further into bull-market territory, led by technology and banking shares. This was driven by dovish comments from the US Federal Reserve and a significant share buy-back plan announced by tech giant Apple. The Hang Seng Index increased by 1.4% to 18,461.65 in early trading, marking a 20% rise from its January low and officially entering bull-market territory.
Among the index heavyweights were Tencent and Alibaba, with Tencent rising by 0.8% to HK$363.20 and Alibaba adding 3.3% to HK$78.60. Despite China’s onshore stock exchanges being closed for the week, positive sentiment prevailed after Chinese policymakers hinted at further support for economic growth during a recent Politburo meeting. These measures, including potential interest rate and RRR cuts, aim to lower financing costs and support the real economy, particularly private businesses.
Banking shares also continued to gain, with China Construction Bank and Industrial and Commercial Bank of China rising by 1.6% and 1.4% respectively. Insurance stocks also saw increases, with AIA jumping 2.2% to HK$60.65 and Ping An rising by 1.6% to HK$38.60
