Hong Kong stocks rebounded on Thursday alongside other Asian markets from recent sell-offs triggered by surging oil prices, buoyed by robust economic data and the opening of China’s annual “two sessions” meeting. The Hang Seng Index rose 1.2 per cent to 25,561.14 as of 9.38am local time. The Hang Seng Tech Index gained 1.3 per cent. On the mainland, the CSI 300 Index climbed 1 per cent and the Sha...
Hong Kong stocks rebounded on Thursday alongside other Asian markets from recent sell-offs triggered by surging oil prices, buoyed by robust economic data and the opening of China’s annual “two sessions” meeting. The Hang Seng Index rose 1.2 per cent to 25,561.14 as of 9.38am local time. The Hang Seng Tech Index gained 1.3 per cent. On the mainland, the CSI 300 Index climbed 1 per cent and the Shanghai Composite Index added 0.5 per cent. South Korea’s Kospi led the gains in the Asia-Pacific region, surging 11 per cent and nearly wiping out a record 12 per cent loss a day earlier. Japan’s Nikkei 225 climbed 4 per cent and Australia’s S&P/ASX 200 added 0.4 per cent. Advertisement Key data overnight from the US showed that the services industry expanded at the fastest pace since mid-2022, with employers adding more jobs than expected, while a price index dropped to a one-year low. At the opening session of China’s National People’s Congress, policymakers set the gross domestic product (GDP) target for 2026 between 4.5 and 5 per cent, the lowest in decades. Advertisement Some analysts said the lower GDP target underscored a shift in priorities as policymakers pursued quality growth with emphasis on technological innovation and independence.