Hong Kong stocks rose to a three-week high on Thursday as the Chinese and US leaders kicked off a high-stakes meeting that was expected to resolve trade disputes and after the Federal Reserve cut the interest rate.
The Hang Seng Index advanced 0.8 per cent to 26,552.19 as of 11.16am local time, heading for the highest close since October 9. The Hang Seng Tech Index also added 0.8 per cent. Hong Kong’s market was shut for a holiday on Wednesday.
On the mainland, the CSI 300 Index and the Shanghai Composite Index were little changed.
Aluminium smelter China Hongqiao Group surged 6.4 per cent to HK$29.44 and gold producer Zijin Mining Group rallied 3.9 per cent to HK$32.32. Meituan advanced 4 per cent to HK$104.20 on a plan to sell both US dollar and yuan-denominated notes. Ping An Insurance Group gained 3.3 per cent to HK$58 and Tencent Holdings added 2.5 per cent to HK$136.
Chinese President Xi Jinping and his US counterpart Donald Trump began their in-person meeting in Busan, South Korea, on Thursday – their first since the American returned to the White House in January. Xi said that it was normal for the two nations to have differences in place, while Trump described Xi as a “tough” negotiator.
