Hong Kong stocks extend longest winning streak in over a year on hopes of tariff cuts
Hong Kong stocks rose for the seventh straight trading day on Friday, their longest winning streak in more than a year, after US President Donald Trump said that the trade talks with China on the weekend could lead to 'substantive' tariff cuts.
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The Hang Seng Index edged up 0.4 per cent to 22,859.46 at 10am. The Hang Seng Tech Index was down about 0.8 per cent. On the mainland, the CSI 300 Index fell marginally, while the Shanghai Composite Index eased 0.1 per cent.
Chow Tai Fook Jewellery rose 4 per cent to HK$23.55 and Geely Automobile gained 2.7 per cent to HK$18.00. Chipmaker Semiconductor Manufacturing International, which reported a 28 per cent year on year increase in revenue for the first quarter, fell 4.8 per cent to HK$43.00. Developer Longfor Group fell 1 per cent to HK$17.40.
Chinese Vice-Premier He Lifeng will meet US Treasury Secretary Scott Bessent this weekend in Switzerland. Trump said on Thursday that he believed the negotiations would result in tangible progress.
'I think it's going to be substantive,' Trump said, while announcing a framework trade agreement with the UK, the first such deal since he imposed sweeping tariffs on April 2 on all trading partners. The agreement, which is seen by many as limited, still maintains 10 per cent duties on UK exports.
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The Hang Seng Index's rally is the longest since April last year, when Beijing announced a series of measures to boost the city's financial market amid an exodus of foreign investments and a period of low capital market activity.
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