Hong Kong Stocks Start Week Higher Amid Middle East Optimism; Cofoe Medical Prices IPO

MT Newswires Live05-04

Hong Kong equities gained on Monday amid renewed optimism over developments in the Middle East.

The Hang Seng Index rose by around 319.35 points, or roughly 1.2%, to end at 26,095.88. The Hang Seng China Enterprises Index increased by 92.56 points, or 1.1%, to close at 8,774.39.

Markets appeared to welcome signs of progress, however slow, in efforts by Iran and the U.S. to resolve the ongoing Middle East conflict, Reuters reported.

Iran is reviewing Washington's response to its 14-point proposal to end the conflict in the Middle East, while President Donald Trump said the U.S. would help countries with ships stranded in the Strait of Hormuz without disclosing details, Reuters reported.

In corporate news, Cofoe Medical Technology (HKG:1187, SHE:301087) priced its Hong Kong initial public offering of 27 million shares at HK$39.33 per share, the maximum price.

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