Hong Kong stocks halt 4-day slide as global market rout ends, China data lifts sentiment

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Local stocks advanced by the most in a week as China’s stronger-than-expected imports data lifted buying sentiment

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People walking outside the Exchange Square in Central, with boards showing Hong Kong stock prices in April 2024. Photo: Jelly Tse.

Zhang Shidongin Shanghai

Published: 10:39am, 7 Aug 2024Updated: 4:28pm, 7 Aug 2024

Hong Kong’s benchmark stocks snapped a four-day losing streak to recover from a three-month low, aided by an end to global market rout. A government report today showed growth in China’s July imports exceeded expectations.

The Hang Seng Index rose 1.4 per cent to 16,877.86 at the close, halting a 4 per cent loss in four past sessions. The Tech Index advanced 1.2 per cent while the Shanghai Composite Index added 0.1 per cent. US stocks rebounded overnight, with the S&P 500 rising 1 per cent from its worst slump in two years.

Machine tool maker Techtronic Industries led gainers, rallying by 3.5 per cent to HK$94.75 after reporting a 16 per cent increase in first-half earnings. Online travel agency Trip.com Group strengthened 4.9 per cent to HK$331.40, Alibaba Group Holding added 1.7 per cent to HK$76.50 and Tencent advanced 2.5 per cent to HK$363.40.

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Why investors can expect more market volatility after recent global stock sell-off

Japan’s Nikkei 225 rebounded 1.2 per cent, adding to a 10 per cent surge on Tuesday, after the central bank said it would refrain from raising interest rates in a volatile market. South Korea’s Kospi jumped 1.8 per cent and Australia’s S&P/ASX 200 added 0.3 per cent.