The Hang Seng Index rose 0.6 per cent to 25,689.86 at 10am local time. The Hang Seng Tech Index fell 0.3 per cent. On the mainland, the CSI 300 Index dropped 0.2 per cent and the Shanghai Composite Index added 0.2 per cent.
Toymaker Pop Mart International jumped 2.6 per cent to HK$195.40 after announcing the appointment of Andrew Wu, group president of LVMH China, as its new non-executive director. Lender HSBC Holdings surged 2.6 per cent to HK$114.60, while WeChat operator Tencent Holdings added 0.7 per cent to HK$607 and e-commerce firm Alibaba Group Holding climbed 0.9 per cent to HK$154.50.
Limiting gains, search-engine giant Baidu fell 0.4 per cent to HK$123.10, while electric-vehicle maker Li Auto declined 0.4 per cent to HK$66.45.
Overnight in the US, Nasdaq added 0.3 per cent and the S&P 500 rose 0.7 per cent. The Fed’s quarter-point cut, together with its plan to resume Treasury bill purchases to replenish bank reserves, helped stabilise market sentiment even as traders dialled back expectations for additional easing. Powell described the move as another step towards normalising policy, saying it should support the labour market without reigniting inflation.
Traders are also awaiting signals from China’s CEWC, typically held in mid-December, where top leaders set economic priorities and policy direction for the coming year.
