Hong Kong Stocks Jump as Risk Appetite Returns After US and Iran Agree on Ceasefire

Market Watcher

04/08

Hong Kong stocks surged alongside other markets in Asia on Wednesday, as the US and Iran struck a two-week ceasefire, reviving demand for risk assets that was pummelled by surging oil prices and fear of global stagflation.

The Hang Seng Index rose 2.8%, while the Hang Seng Technology Index gained 4.4%.

In terms of star stocks, Knowledge Atlas rose 15%; Meituan rose 10%; SMIC rose 9%; Pop Mart rose 8%; MiniMax rose 7%; Xiaomi, Kuaishou, and Bilibili rose 6%; Alibaba rose 4%; Tencent rose 3%.

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