Hong Kong stocks rose on Friday, boosted by optimism surrounding potential trade talks between China and the US, as well as an overnight rally on Wall Street fuelled by strong earnings reports from some tech giants.
The Hang Seng Index advanced 1.3 per cent to 22,409.12 as of 10.52am, on track for a third weekly gain. The Hang Seng Tech Index climbed 2.7 per cent.
Mainland stock exchanges were closed for the Labour Day holiday and will resume trading on Tuesday. The benchmark CSI 300 index lost 3 per cent in April.
Smartphone and electric-car maker Xiaomi rose 4.2 per cent to HK$52.05 after it reported a year-on-year increase in EV deliveries in April and Deutsche Bank raised its target price to HK$74 from HK$71.50. E-commerce giant Alibaba Group Holding gained 3.3 per cent to HK$121.40 after the unveiling of its enhanced artificial-intelligence models.
Bourse operator Hong Kong Exchanges and Clearing advanced 2.7 per cent to HK$350. Gold producer Zijin Mining rose 3.5 per cent to HK$17.58, while biotech giant Wuxi AppTec gained 5.2 per cent to HK$63.30.
Trimming the gain, HSBC Holding fell 1.3 per cent to HK$86 after chairman Mark Tucker announced plans to retire after eight years in the job while the city’s biggest lender searched for his successor.
