Hong Kong Stocks Gain for Third Consecutive Day Ahead of US Fed Rate Cuts

MT Newswires Live09-17

Hong Kong Stocks rose for the third consecutive day thanks to an inflow of encouraging economic data, while the local developers have also started to rally ahead of the expected US Federal Reserve's rate cut later this week.

Meanwhile, Midea Group made an explosive Hong Kong trading debut, the city's biggest IPO since 2021.

The Hang Seng Index rose 1.37%, or 237.90 points, to close Tuesday's session at 17,660.02. The Hang Seng China Enterprises Index rose by 1.41%, or 85.87 points, to close at 6,176.03.

In economic news, Hong Kong's total exports grew 8.7% year over year in July, while imports increased 6.5% year over year during the month, according to data from the city's Census and Statistics Department released Monday.

Hong Kong's gross national income jumped 8.1% year over year to HK$847.5 billion in the second quarter. Meanwhile, gross domestic product rose 7.6% year over year to HK$757.3 billion, according to data from the city's Census and Statistics Department released Monday.

In corporate news, Midea Group (HKG:0300, SHE:000333) opened 8% higher in Hong Kong on Tuesday, the first day of its trading in the city. The appliance maker opened at HK$59.200 per share, above its IPO price of HK$54.800.

The $4 billion listing marks the largest in Hong Kong since early 2021, according to reports.

China Daye Non-Ferrous Metals Mining (HKG:0661) said a device belonging to its subsidiary, Yangxin Hongsheng Copper Industry, caught fire on Saturday, Sept. 14, causing the thermal smelting furnace and blowing furnace systems to shut down. The company's shares closed over 6% higher on Tuesday.

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