From South China Morning Post: 2024-05-01 23:12:20

Hong Kong stocks surged driven by gains in banking and insurance sectors after the US Federal Reserve signaled delayed interest rate cuts. The Hang Seng Index rose 1% to a bull-market territory, with HSBC up 2.9% and Tencent up 1.6%. HKMA maintained a 5.75% base rate in line with the Fed’s decision.

Foreign investors continued buying Chinese stocks in April for a third consecutive month amid signs of stability in China’s economy and increased policy support. Major Asian markets also saw gains, with Japan’s Nikkei 225 and Australia’s S&P/ASX 200 up, while South Korea’s Kospi dipped slightly.



Read more at South China Morning Post: Hong Kong stocks rise led by gains in banking, insurance sectors with tailwind from China’s recent policy support moves