Hong Kong Stocks Rise as Oil Retreats, Investors Look to Apple Earnings; Xpeng Gains

MT Newswires Live11-02

Hong Kong stocks closed higher Monday as Asian markets rebounded from a difficult October, with easing oil prices providing support while investors looked ahead to Apple's earnings.

The Hang Seng Index rose 98.90 points, or 0.4%, to close at 23,393.32, while the Hang Seng China Enterprises Index gained 43.89 points, or 0.6%, to finish at 7,906.11.

Oil prices retreated after talks continued between Iranian and Qatari mediators, although attacks on tankers in the Gulf remained a concern.

Brent crude fell 3.3% to $109.70 a barrel, while U.S. crude lost 3.4% to $100.58 a barrel.

Investors also awaited Apple's quarterly results, hoping the company's performance could provide some relief from concerns over the enormous capital requirements and negative cash flows associated with AI investment.

In corporate news, XPeng (HKG:9868) closed over 4% higher after delivering 50,237 vehicles in October, up 20% year over year.

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