Hong Kong stocks rise as China's industrial profits rebound, boosting sentiment.

From South China Morning Post: 2024-05-27 00:26:50

Hong Kong stocks rise as China’s industrial profits rebound in April, with the Hang Seng Index gaining 0.3%. Lenovo Group, Orient Overseas International, and other firms see gains. Data shows a 4% increase in profits for Chinese industrial companies in April. Analysts see the pullback in Hong Kong stocks as a buying opportunity.

The positive industrial profit data boosts sentiment in Hong Kong stocks after a four-day decline last week. Concerns remain over US inflation and tensions in the Taiwan Strait. China Evergrande New Energy Vehicle Group surges 82% after a potential buyer is found. Long-only Asian and emerging-market funds increase holdings of Chinese stocks in April.

Overall, major Asian markets strengthen following US inflation data, with Japan’s Nikkei 225, South Korea’s Kospi, and Australia’s S&P/ASX 200 all rising. Analysts remain cautious but hopeful, watching for developments in China’s home sales and international relations.



Read more at South China Morning Post: Hong Kong stocks inch up after data shows China industrial profits return to growth