On Wednesday, the Hang Seng Index rose modestly, gaining 33 points or 0.1%, to close at 25,928, marking its third consecutive day of gains. This uptick was supported by the rise in U.S. futures as recent economic indicators strengthened the anticipation of a Federal Reserve rate cut in December. Within the market, most sectors in Hong Kong showed advancement, with notable performance from the property and financial sectors, despite a downturn in mainland markets ahead of the release of industrial profit data expected on Thursday.
Locally, Hong Kong's export levels remained near a four-year peak in October, while imports experienced their strongest growth in five months. In the corporate sector, Alibaba reported quarterly revenue that exceeded expectations, driven by increased demand for one-hour delivery services and robust growth in its cloud segment. Miniso saw a 2.2% increase following its third-quarter results, indicating signs of recovery; this prompted Deutsche Bank to resume coverage with a "buy" recommendation. Sunshine Lake Pharma soared nearly 5% after announcing a share buyback, underscoring confidence in its long-term prospects. Conversely, electric vehicle manufacturer NIO fell approximately 4%, following the release of a subdued fourth-quarter outlook, despite surpassing third-quarter margin expectations.
