Hong Kong stocks extend gains. The Hang Seng Index rose 2.4%, the Hang Seng Technology Index rose 3.4%. JD.com and Meituan rose over 7%; Alibaba rose 6%; Tencent rose 3%.
The optimism came after Trump and Xi discussed trade, TikTok and fentanyl, which may set the tone for relations in the early days of the new administration. Adding to the brigher mood, TikTok started restoring service in the US on Sunday as Trump said he would halt enforcement of a law requiring the app’s Chinese owner to find a buyer for three months.
“The amicable call between Trump and Xi, while only a temporary reprieve amidst irrevocable strategic competition, is extra fuel to reignite bullishness in equities,” said Kyle Rodda, a senior analyst at Capital.com in Melbourne.
Comments