Hong Kong Stocks Close Higher; CMOC Surges 10% on Lumina Gold Acquisition

MT Newswires Live04-22

Hong Kong stocks reversed earlier losses to close higher on Tuesday, as investors returning from the Easter holiday break took comfort from China's moves to support the economy.

The Hang Seng Index climbed 0.78%, or 167.18 points, to end at 21,562.32. The Hang Seng China Enterprises Index rose 0.68%, or 53.35 points, to 7,950.79.

Despite starting the day in negative territory due to President Donald Trump's attacks on Federal Reserve Chair Jerome Powell, the local equities market reversed course in the afternoon session.

The turnaround was driven by rising expectations that Beijing will implement fresh policies to boost domestic consumption and stabilize financial markets amid external challenges.

As quoted by the South China Morning Post, Goldman Sachs stated: "Chinese policymakers will intensify policy-easing measures, including monetary, fiscal, housing and credit policies in the coming months. The upcoming April Politburo meeting should provide important clues on the top leadership's thinking."

In corporate news, miner CMOC's (HKG:3993, SHA:603993) Hong Kong shares soared nearly 10% after it entered into a CA$581 million contract to acquire Canada-based miner Lumina Gold.

Additionally, smartphone maker Xiaomi (HKG:1810) rose 6% after data showed its shipments in China jumped 40% to 13.3 million units in the first quarter of 2025.

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