The Hang Seng climbed 250 points or 1.4% to end at a 1-month top of 17,641 on Thursday, advancing for the second day as most sectors gained.
The tech index soared 1.5%, amid a 9.3% surge in Xiaomi Corp. after the company logged strong revenue in Q2. Financials and consumers also gained robustly, as hopes for lower interest rates in the US built up after a dovish signal from the latest Fed minutes, ahead of Chair Powell’s speech at the Jackson Hole meeting.
In addition, bets mounted that China would respond to the need for further support for the economy in H2 despite a notion of no drastic measures from the central bank. Reducing the gains was a move from Brussels that published its revised tariff plan for China-made EVs.
Meantime, trade tensions between China and the EU grew after Beijing launched an anti-subsidy probe into dairy imports from the bloc. Some big caps that posted strong wins were AIA Group (5.4%), Miniso Group (5.6%), SITC Intl. (4.2%), and Pop Mart Intl. (2.7%).
Source : Trading Economics
