Hong Kong Stocks Surge on US-China Tariff Talk Hopes; Tech Counters Rise

MT Newswires Live
05-02

Hong Kong stocks surged on Friday as renewed optimism on US-China trade talks and an overnight rally on Wall Street cheered investors returning from a midweek holiday break.

The Hang Seng Index jumped 1.74%, or 385.27 points, to end at 22,504.68. The Hang Seng China Enterprises Index climbed 1.92%, or 154.78 points, to 8,231.04.

China's Commerce Ministry said Beijing is weighing potential discussions with Washington after the US repeatedly signaled its openness to negotiating the hefty tariffs imposed under the Trump administration.

The ministry, however, warned that "attempting to use talks as a pretext to engage in coercion and extortion would not work," Reuters reported.

Investors also took cues from an overnight rally on Wall Street fueled by Meta and Microsoft's upbeat quarterly earnings.

Tech counters in Hong Kong rose. Xiaomi (HKG:1810) advanced 6%, while Alibaba (HKG:9988) gained 4%. Tencent (HKG:0700) finished 2% higher, and Meituan (HKG:3690) added nearly 2%.

Hong Kong financial markets will be closed on Monday, May 5, for a public holiday and will reopen on Tuesday, May 6.

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