Hong Kong stocks extend longest streak in a year on China-US trade talk progress
stocks rose for an eighth day on Monday, extending the longest winning stretch in a year as a de-escalation of the China-US trade war boosted risk appetite.
Advertisement
The Hang Seng Index advanced 0.9 per cent to 23,079.88 at the noon break, adding to a cumulative 4.1 per cent gain over the past seven days. The eight-day run is the longest since the 10-day streak ending in May 2024. The Hang Seng Tech Index advanced 1.9 per cent.
On the mainland, the CSI 300 Index climbed 0.6 per cent, and the Shanghai Composite Index added 0.4 per cent. The onshore yuan strengthened 0.2 per cent against the US dollar.
Futures contracts on three US stock benchmarks rose at least 1 per cent during Asian-hours trading, while haven trade unravelled, with spot gold prices sliding as much as 2 per cent.
Companies that rely on overseas sales led the Hang Seng Index's gain. Sunny Optical Technical Group, the maker of camera modules for mobile phones that derived more than 40 per cent of its sales from overseas last year, rallied 10 per cent to HK$70.95. Hong Kong machine tool maker Techtronic Industries, which counted on North America for 76 per cent of its revenue in 2024, rose 4 per cent to HK$89.80. Household appliance maker Haier Smart Home advanced 4.2 per cent to HK$23.75.
Advertisement
China and the US said they made 'substantial progress' on trade talks after two days of negotiations in Switzerland. The two nations
agreed to establish a 'trade consultation mechanism', Chinese Vice-Premier He Lifeng told reporters in Geneva.
The two sides 'have taken important steps to resolve differences through equal dialogue and consultation'. They plan to issue a joint statement later on Monday and 'conduct further consultations on issues of mutual concern', China's official Xinhua News Agency said.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
South China Morning Post
13 minutes ago
- South China Morning Post
Tesla China starts taking orders for longer-range Model 3 EV, with 14% price bump
Tesla has begun offering its longer-range Model 3 variant to Chinese customers as it fights to regain market share from local rivals amid intense competition in the country's premium electric vehicle (EV) segment. The US company announced on Tuesday that the new car, which has a range of 830km, would be priced at 269,500 yuan (US$37,492) on the mainland, 14 per cent higher than the basic edition, which has a 634km range. 'The new variant has a longer driving range, and it is better in performance and efficiency,' Tesla China said, adding that customers could place orders from Tuesday, with deliveries slated to begin next month. The car represents part of Tesla's effort to cater to rich mainland consumers' demand for longer-range and more spacious vehicles in the face of mounting challenges from home-grown rivals like Li Auto and Xiaomi The EV features a high-performance battery from LG Energy Solution and a single motor with higher peak power than the existing Model 3. Once the runaway leader in China's premium EV segment, Tesla's deliveries on the mainland dropped in July amid escalating competition. The company's Gigafactory in Shanghai handed 67,886 Model 3 and Model Y vehicles to customers in China and abroad last month, down 8.4 per cent from a year earlier, according to data from the China Passenger Car Association (CPCA). Deliveries fell 5.2 per cent from June.
South China Morning Post
13 minutes ago
- South China Morning Post
China's chip investment falls in first half of 2025 while equipment funding surges: report
China's semiconductor industry investment totalled 455 billion yuan (US$63.3 billion) in the first half of 2025, a decline of 9.8 per cent from a year earlier, according to a report from chip market research firm Cinno. In contrast, investment in semiconductor equipment surged more than 53 per cent from the same period last year, highlighting the country's efforts to establish a self-sufficient supply chain. Wafer manufacturing accounted for the largest share of semiconductor investment at 51 per cent. Wafers are thin discs of highly purified silicon that serve as the foundation for chip production, providing a smooth, clean surface where intricate electronic circuits are constructed through a series of precise processes. Once the circuits are completed, the wafers are diced into individual chips used in devices such as smartphones, computers and other electronics. Wafer manufacturing accounted for the largest share of semiconductor investment in the first six months of this year. Photo: Xinhua Of the remaining investment, nearly 19 per cent was directed towards chip design, while 9 per cent was allocated for packaging and testing. These categories experienced declines of about 24 per cent and 28 per cent, respectively, owing to weak consumer demand for electronics and disruptions in the international supply chain.
South China Morning Post
an hour ago
- South China Morning Post
You've Got Mail no more – AOL is bidding farewell to dial-up internet
AOL's dial-up internet is finally taking its last bow. Yes, while perhaps a dinosaur by today's digital standards, dial-up is still around. But AOL says it's officially pulling the plug for its service on September 30. 'AOL routinely evaluates its products and services and has decided to discontinue dial-up internet,' AOL wrote in a brief update on its support site – noting that dial-up and associated software 'optimised for older operating systems' will soon be unavailable on AOL plans. AOL, formerly America Online, introduced many households to the World Wide Web for the first time when its dial-up service launched in 1991, rising to prominence in the 90s and early 2000s. In Hong Kong, AOL briefly offered dial-up access in the late 1990s, arriving in a crowded internet service providers market dominated by Netvigator. South China Morning Post coverage at the time captured both industry unease at its launch and early reviews of its pricing, software and bilingual content. Play The creaky door to the internet was characterised by a once-ubiquitous series of beeps and buzzes heard over the phone used to connect your computer online – along with frustrations of being kicked off the web if anyone else at home needed the landline for another call, and an endless bombardment of CDs mailed out by AOL to advertise free trials. Eventually, broadband and wireless offerings emerged and rose to dominance, doing away with dial-up's quirks for most people accessing the internet today. Still, a handful of consumers have continued to rely on internet services connected over telephone lines. In the United States, according to Census Bureau data, an estimated 163,401 households were using dial-up alone to get online in 2023, representing just over 0.13 per cent of all homes with internet subscriptions nationwide. AOL will pull the plug and end its dial-up internet service after more than 30 years. Photo: TNS AOL was the largest dial-up internet provider for some time, but not the only one to emerge over the years. Some smaller internet providers continue to offer dial-up today. Regardless, the decline of dial-up has been a long time coming. And AOL shutting down its service arrives as other relics of the internet's earlier days continue to disappear.
