FX.co ★ Hong Kong Stocks Jump Ahead of Tech Earnings

Hong Kong's stock market experienced an uptick, with shares rising by 259 points or 1.1% to reach 23,368 during early Wednesday trading. This rebound follows a significant drop in the previous session, as most sectors recorded gains in anticipation of crucial earnings reports from leading Chinese technology companies. Notably, the Hang Seng Tech Index spearheaded the rise, increasing by 1.3%. This came on the heels of a rally among U.S. chipmakers after it was announced that Nvidia and AMD are set to provide semiconductors for a data center project by Saudi firm Humain. Ubtech Robotics saw a substantial increase of 3.3% following its announcement of a collaboration with Huawei to introduce humanoid robots for residential and industrial use. Gains were also observed in the consumer and financial sectors, buoyed by positive sentiment from a temporary tariff truce between the U.S. and China. Further optimism was fueled by President Trump's statement that he plans to engage in direct talks with Chinese President Xi Jinping in the coming days. However, the upward momentum was somewhat restricted by cautious sentiment ahead of China's credit growth data release for April, especially after March's new yuan loans surpassed forecasts. Among the top performing stocks were SITC International, which rose by 6.0%, Zhejiang Leapmotor with a 5.5% increase, and AIA Group, up by 3.2%.