Hong Kong stocks halt 4-day slide as global market rout ends, China data lifts sentiment
- Local stocks advanced by the most in a week as China’s stronger-than-expected imports data lifted buying sentiment
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.
The Japanese yen weakened against the US dollar for a second day. Its recent appreciation on the back of the central bank’s two rounds of policy tightening, forced traders to abandon carry trades and helped spark the market sell-off over the past two weeks.
Calm returned to global markets after a wild ride this week, heightened by worries about an imminent recession in the US economy, as well as the Bank of Japan’s policy tightening.
