Hong Kong stocks closed sharply higher on Sept 4, with technology and financial heavyweights driving a broad-based rebound as concerns over an imminent US interest rate hike eased.
The benchmark Hang Seng Index surged 437.56 points, or 1.74%, to 25,650.87, while the Hang Seng Tech Index advanced 2.27% to 4,569.80. The Hang Seng China Enterprises Index climbed 2.02% to 8,555.03. Mainboard turnover reached about HK$276.86 billion.
Technology stocks led the charge, rebounding from recent weakness. Lenovo jumped more than 6%, Meituan gained over 5%, Xiaomi rose 3.6%, while Alibaba and Tencent climbed more than 2% each. Xiaomi was additionally supported by news of an agreement with German auto dealers.
Financial counters also strengthened, with China Construction Bank, Agricultural Bank of China and other major mainland lenders advancing, while insurers including China Life posted solid gains. Property shares joined the rally, with Longfor Group surging 8.4% and Sun Hung Kai Properties rising 3.64%.
Sentiment improved after US Federal Reserve (Fed) Governor Christopher Waller signalled he was leaning towards keeping interest rates unchanged at the Fed’s September meeting if upcoming inflation data showed further moderation.
The remarks cooled rate-hike fears, eased pressure on global bond markets and helped revive risk appetite across Asian equities.
