HK stocks end up, driven by rebound for carmakers
HK stocks end up, driven by rebound for carmakers
The Hang Seng Index saw a fairly strong rise of 354.52 points, or 1.53 percent. File photo: RTHK
Hong Kong and mainland shares ended higher on Tuesday as banking stocks hit record highs and automakers rebounded, though investors remained cautious ahead of key developments later in the week.
In Hong Kong, the benchmark Hang Seng Index added 354.52 points, or 1.53 percent, to end the day at 23,512.49.
The Hang Seng China Enterprises Index tracking mainland companies rose 1.9 percent to bounce back from a one-month low.
Carmakers listed in the city bounced, taking a breather from the recent sell-off triggered by a price war on the mainland.
The Hang Seng Automobile Index jumped 2.4 percent, with Li Auto surging 5.8 percent and BYD climbing 3.9 percent.
Up north, Chinese stocks closed higher, with the benchmark Shanghai Composite Index up 0.43 percent to 3,361.98.
The Shenzhen Component Index closed 0.16 percent higher at 10,057.17.
The ChiNext Index, tracking China's Nasdaq-style board of growth enterprises, gained 0.48 percent to close at 2,002.70.
Banking stocks led onshore markets higher, with the CSI Banks Index rallying 2 percent to a record high.
Chip stocks also strengthened, with the CSI Semiconductor Index adding 1.4 percent.
"A likely return of market volatility in June" is expected due to US tariff policy uncertainties and lingering fundamental headwinds seen in macroeconomic data, according to a China equity strategist at Daiwa Capital Markets Hong Kong.
"We reiterate our cautious market views as a market rebound since mid-April may have already factored in a 'good outcome' of the trade war," he wrote in a note.
Further afield, Australian shares ended higher, helped by banks as investors expectations for further rate cuts were strengthened after minutes from the central bank's May meeting showed it had considered an outsized cut.
The S&P/ASX 200 index rose 0.6 percent to 8,466.70 at the close of trade.
The benchmark remains a few points shy of the psychologically important 8,500-point level, last seen in mid-February. (Xinhua/Reuters)
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