Hong Kong Stocks Rebound as Fears of Tiktok Ban Ease; Shenzhen Dobot Rises 0.7% in Debut

MT Newswires Live12-23 16:55

Hong Kong stocks bounced back to rise on Monday as investor sentiment improved after fears of a potential TikTok ban in the US were alleviated, together with softer US inflation data.

The Hang Seng Index surged 0.82%, or 162.43 points, to close the week at 19,883.13. The Hang Seng China Enterprises Index added 0.98%, or 69.97 points, to end at 7,213.85.

Donald Trump told supporters in a speech in Arizona that he does not support the idea of popular social media app TikTok leaving the US market, an SCMP report stated.

Earlier this year in April, ByteDance, Tiktok's Chinese parent company, had been mandated by US legislation to divest the app over concerns of national security.

Softer inflation data from the US further elevated investors' sentiment, with the Personal Consumption Expenditure (PCE) index logging a 2.4% rise in November, lower than a 2.5% forecast from a Reuters poll.

In corporate news, Shenzhen Dobot (HKG:2432) made a moderate trading debut in Hong Kong on Monday, with the robotic manufacturer's shares closing at HK$18.94, up 0.7% from its IPO price of HK$18.80.

HSBC's (HKG:0005) shares closed 1% higher on Monday, as its Hong Kong unit slashed its best lending rate in the city by 12.5 basis points to 5.25% from 5.375% effective Friday, according to a Thursday press release by the lender.

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