May 8 2025, 15:26
The Hang Seng rose 84 points or 0.4% to close at 22,776 on Thursday, marking its sixth straight gain amid a rally in U.S. futures. Optimism was fueled by President Trump’s hint at a major trade deal with a “big, and highly respected country,” likely the UK, with more details later today.
The index hovered near a one-month top, lifted by news that a sovereign wealth fund would continue efforts to support mainland markets. Sentiment also benefited from the PBOC rate cuts aimed at supporting growth amid U.S.-China trade disputes.
Tech stocks advanced on reports that the U.S. may ease chip export curbs, alongside renewed backing from Beijing for the sector.
However, gains were trimmed later in the session amid doubts over new fiscal measures from Beijing and caution ahead of China’s trade and inflation figures in April. Geely Auto jumped 4.2% after offering $2.2 billion to privatize its EV unit Zeekr. Li Auto (5.2%), Wuxi Biologics (4.2%), and Meituan (1.6%) also posted strong gains.
Source: Trading Economics
