FX.co ★ Hong Kong Shares Inch Higher

Stocks in Hong Kong experienced a modest increase, rising by 27 points or 0.1% to reach 26,186 in Wednesday morning's trading session. This uptick came as the market attempted to recover from two days of losses, with gains noted across most sectors. A notable factor was the surge in property stocks as investors engaged in bargain hunting, helping the market rebound from its near two-week low. Investor sentiment was further buoyed by slight advances in China's markets following previous declines, even though a press conference involving senior financial regulators, such as the Governor of the People's Bank of China, did not introduce any fresh support initiatives. Nevertheless, gains were tempered by overnight declines on Wall Street, where Federal Reserve Chair Jerome Powell's comments offered limited insight into the future direction of U.S. interest rates. In Hong Kong, operations were disrupted early Wednesday by Typhoon Ragasa, one of the most powerful in recent years, leading to school and flight cancellations and prompting hundreds to seek temporary refuge. Among the early prominent gainers were SMIC, up 3.2%, SITC International, which grew by 2.4%, Meituan at 1.9%, and China Overseas Land, which rose by 1.8%.