Hong Kong stocks rise on optimism over ongoing US-China trade talks
Hong Kong stocks advanced slightly on Tuesday as traders remained hopeful that ongoing trade talks between mainland China and the US would yield positive results.
The Hang Seng Index rose 0.1 per cent to 24,213.42 at 9.55am local time, approaching a level not seen since March 20. The Hang Seng Tech Index fell 0.1 per cent. On the mainland, the CSI 300 Index climbed 0.3 per cent and the Shanghai Composite Index strengthened 0.2 per cent.
Aluminium maker China Hongqiao Group rallied 3.7 per cent to HK$15.06 and
Wuxi Biologics rose 1.7 per cent to HK$26.45.
Chinese property firms traded higher on news that Beijing was tapping its housing provident fund to give buyers an alternative to bank mortgages. China Overseas Land and Investment rose 2.3 per cent to HK$13.62 and Longfor Group Holdings added 3.2 per cent to HK$9.91.
Some tech stocks weakened: electric-vehicle maker Li Auto fell 1.8 per cent to HK$117.90, Meituan retreated 1.7 per cent to HK$145.90 and JD.com dropped 0.7 per cent to HK$133.10.
The first day of trade talks did not yield breakthroughs, but US officials confirmed that discussions would continue on Tuesday, adding that they were optimistic. Traders were expected to keep a close watch on the latest developments centred around shipments of technology and rare earth elements.
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