Hong Kong stocks power up on Nvidia resuming chip sales to China
stocks rose for a fifth straight day amid signs of easing US-China tensions after Nvidia said it would resume sales of some chips to China.
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The Hang Seng Index advanced 1 per cent to 24,832.43 at 9.50am local time, the highest level since March 19. The Hang Seng Tech Index jumped 2.8 per cent. On the mainland, the Shanghai Composite Index and the CSI 300 Index were up 0.1 per cent.
Online travel booking agency Trip.com rose 2.8 per cent to HK$504, while search-engine leader Baidu surged 3.1 per cent to HK$90.35. E-commerce giant Alibaba Group Holding added 2.7 per cent to HK$116.60 and food-delivery service provider Meituan gained 1.3 per cent to HK$127.90.
The laggards included chipmaker Semiconductor Manufacturing International Corporation, which dropped 1.2 per cent to HK$45.05. Chinese property developer China Overseas lost 1.2 per cent to HK$13.46 and peer Longfor Group slipped 1 per cent to HK$10.08.
Nvidia CEO Jensen Huang on Wednesday will address the International Supply Chain Expo in Beijing, after the California-based chip designer said that it would sell its H20 chip – a less powerful, China-compliant alternative to its gold-standard acceleration chip – after receiving an assurance from the US government that export licences would be granted.
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This is Huang's third visit to China this year. Nvidia gained 4 per cent to US$170.70 overnight in the US.
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