Hong Kong Stocks Open Higher as Nasdaq Rally, Softer Oil Lift Sentiment

MT Newswires Live10:08

Hong Kong stocks rose at the start of Tuesday's session after Wall Street trading ended on a high note on Monday, led by a record rally in the tech-heavy Nasdaq, while a further pullback in oil prices also helped lift sentiment.

The Hang Seng Index gained 1%, or 239 points, to 24,279.63. The Hang Seng China Enterprises Index also rose 1%, or about 80 points, to 8,131.19.

The positive local open followed a strong overnight session on the Nasdaq, which hit a new high driven by "Mag 7" mega-cap stocks. Meta Platforms, Nvidia and Tesla all closed up 2%, while Microsoft posted a 1% gain. Elon Musk's SpaceX was also a notable performer in the previous session, ending 7% higher.

Market sentiment was further bolstered by easing energy costs. The global oil benchmark slipped for a second straight day to $89 per barrel, as crude shipments from the Middle East reached levels seen prior to the US-Iran war, with transportation activity in the Hormuz Strait picking up.

Traders are now awaiting the US Energy Information Administration's energy market report expected to be released later in the day.

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