Asia

Hong Kong stocks rally more than 2% on trade hopes

HONG KONG: Hong Kong stocks surged more than 2 per cent on Friday (Oct 11) on optimism over China-US trade talks, while energy firms were boosted by a spike in oil prices after an Iranian tanker was hit by a double explosion in the Gulf.

The Hang Seng Index jumped 2.34 per cent, or 600.51 points, to 26,308.44.

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The benchmark Shanghai Composite Index added 0.88 per cent, or 25.95 points, to 2,973.66, while the Shenzhen Composite Index, which tracks stocks on China's second exchange, climbed 0.31 per cent, or 5.12 points, to 1,636.96.

Top United States and Chinese negotiators wrapped up the first day of trade talks in more than two months on Thursday as business groups expressed optimism the two sides might be able to ease a 15-month trade war and delay a US tariff hike scheduled for next week.

READ: Day 1 of US-China trade talks end with hopes for limited deal

US President Donald Trump said "we had a very, very good negotiation with China", while a White House official said the talks had gone "probably better than expected".

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The developments of Sino-US trade talks have been a major factor impacting the Hong Kong market, and any progress or partial agreement would greatly boost investor sentiment, Guodu Hong Kong wrote in a note.

Market participants have been awaiting favourable news for a rebound, aRead More – Source

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