Hong Kong stocks surge on optimism over US-China trade talks

Hong Kong stocks rallied on Monday, rebounding from Friday’s steepest loss since April as US-China trade tensions showed signs of easing.

The Hang Seng Index rose 2.1 per cent to 25,759.2 as of 10am. The Hang Seng Tech Index surged 3 per cent.

On the mainland, the CSI 300 Index rose 0.7 per cent and the Shanghai Composite Index rose 0.6 per cent.

NetEase jumped 5.2 per cent to HK$235.40, insurance giant AIA Group added 4.8 per cent to HK$72.35 and tech giant Alibaba Group Holding gained 4.2 per cent to HK$160.80.

On the negative side, Chinese drug maker Hansoh Pharmaceutical fell 1.8 per cent to HK$35.84 and Chinese real estate developer Longfor Group Holdings lost 1 per cent to HK$10.30.

The surge on Monday followed a battering week amid renewed China-US tensions and weak economic data showing a persistent deflationary trend. The Hang Seng Index tumbled 2.5 per cent on Friday, the steepest decline since a 13 per cent plunge on April 7 sparked by US President Donald Trump’s “Liberation Day” global tariffs. The drop stretched the loss to 4 per cent for the week.

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