FX.co ★ Hong Kong Shares Extend Gains for 4th Session

Hong Kong stocks gained 82 points, or 0.3%, reaching 26,012 in early Thursday trading, marking the fourth consecutive session of increases. This upswing follows Wall Street's fourth straight advance amid rising optimism for a potential Federal Reserve interest rate cut in December. The Hang Seng Index saw gains across all sectors, with technology and property stocks leading the charge. Positive sentiment was further bolstered by a recovery in mainland markets after a brief downturn. However, the upward trend faced some resistance due to new data indicating a 5.5% year-on-year decline in China's industrial profits for October, the first drop in three months, reflecting subdued demand and ongoing pricing pressures. Market watchers also noted developments regarding the state-sponsored developer China Vanke's intention to postpone an onshore bond repayment due on December 15, which reignited concerns about policy support for the struggling property sector. Among standout performers were Pop Mart International with a 7.1% rise, SMIC climbing 3.3%, China Hongqiao Group up 2.8%, and Xiaomi Corp. increasing by 2.3%.