Published: 10:37am, 8 May 2025Updated: 10:39am, 8 May 2025
Hong Kong stocks rose for a sixth straight trading day after Beijing unveiled a number of measures to support the economy and stabilise its markets ahead of US-China tariff talks this weekend.
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Overnight, the US Federal Reserve kept its interest rate unchanged, reiterating that it was not in a rush to make cuts. Also, the Trump administration said it was prepared to end chip-export restrictions, which led to a Nvidia rally.
The Hang Seng Index rose 0.6 per cent to 22,816.65 at 10am, while the Hang Seng Tech Index was up 0.8 per cent. On the mainland, the CSI 300 Index was up about 0.5 per cent and the Shanghai Composite Index rose 0.3 per cent.
Carmaker Geely Automobile rose 5 per cent to HK$17.68, Li Auto increased by more than 4 per cent to HK$104.10 and food delivery platform Meituan rose 3 per cent to HK$142.90. Chipmaker Semiconductor Manufacturing International Corporation fell 3 per cent to HK$44.80 and tech giant Baidu declined by more than 2.5 per cent to HK$85.15.
The Hong Kong Monetary Authority (HKMA) kept its base rate unchanged at 4.75 per cent on Thursday, in lockstep with the US Federal Reserve, which left its target range at 4.25 to 4.5 per cent after the year’s third Federal Open Market Committee meeting, as policymakers assessed the potential inflationary impact of President Donald Trump’s tariffs.
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On Wednesday, the Trump administration said it would rescind and replace Biden-era curbs on global artificial intelligence chip exports.