From South China Morning Post: 2024-05-05 22:53:25

Hong Kong stocks traded sideways near an eight-month high as mainland China traders returned from holiday. Investment banks made positive calls on China’s market, expecting more policy support from Beijing. Hang Seng Index remained steady, Tech Index flat, while Shanghai Composite Index gained after local holiday, boosting Tencent, NetEase, and Li Auto stocks.

Global investment banks like Goldman Sachs, UBS, and BNP have turned more positive on Chinese stocks. Foreign investors increased holdings in April for the third straight month after China’s State Council issued guidelines to support the US$9 trillion stock market. Japanese and Korean markets closed for holidays, while Australia’s S&P ASX 200 Index rose by 0.6%.



Read more at South China Morning Post: Hong Kong stocks move sideways after hitting 8-month highs as mainland China markets reopen