Hong Kong Stocks Rise on Monday Ahead of Key U.S. Tech Earnings; Bitfire Gains 2%

MT Newswires Live10-26 16:39

Hong Kong stocks rose Monday as technology shares recovered some ground ahead of earnings reports from major U.S. tech companies, including Alphabet, Microsoft and Amazon.

The Hang Seng Index gained 118.44 points, or 0.5%, to close at 23,211.81, while the Hang Seng China Enterprises Index rose 45.84 points, or 0.6%, to 7,802.09, even as most other Asian markets fell.

Oil prices fell Monday as diplomatic efforts raised hopes of easing tensions between the U.S. and Iran, helping to ease concerns about inflation. However, continued attacks on Saudi Arabia kept investors cautious about potential disruptions to global energy supplies.

In corporate updates, Bitfire Group (HKG:1611) reported digital assets under management of $221 million for the third quarter, up 60.1% from the previous quarter. Its crypto asset trading volume more than quadrupled to $342 million from $124 million in the second quarter. Shares rose nearly 2%.

Intron Technology Holdings (HKG:1760) reported a 21.4% year-on-year increase in revenue to 5.57 billion yuan for the nine months ended Sept. 30. Shares gained nearly 1%.

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