FX.co ★ Shares in Hong Kong Jump as Growth Outlook Holds

Hong Kong stocks experienced a notable increase of 352 points, or 1.5%, reaching 23,512 during Tuesday morning trading. This surge marked a recovery from losses seen in the previous session, supported by widespread sector gains. The market's outlook was bolstered by Finance Secretary Paul Chan's confirmation of the city's full-year GDP growth estimate, projected at 2% to 3%, highlighted by unexpectedly strong data from the first quarter. Chan also emphasized China's recent monetary easing and Beijing's business support initiatives as significant factors for stable growth. Nevertheless, the climb was tempered by a significant decline in U.S. futures amid heightened tensions between China and the U.S. Additionally, a private survey revealed that China's factory activity contracted in May at the fastest rate since September 2022, affected by weak output, new orders, and exports. Domestically, Hong Kong's retail sales decreased for the 14th consecutive month in April, though at a slower rate than previous months. Notable early performers included Hoizo Robotics, which rose by 4.1%, Laopu Gold at 3.8%, Zhaojin Mining with a 2.5% increase, and Xiaomi Corp. advancing by 1.6%.