Hong Kong's stock market saw a modest rise of 44 points, or 0.2%, reaching 23,937 during a turbulent Thursday session. This rebound followed a steep drop in the previous session, driven largely by gains in the financial and real estate sectors. Investor sentiment was bolstered by a positive performance from Wall Street, where technology stocks saw a significant rally overnight. Additionally, U.S. President Trump intensified his calls for the Federal Reserve to implement a rate reduction of at least 3 percentage points, aiming to lower national debt refinancing burdens.
Minutes from the June Federal Open Market Committee (FOMC) meeting revealed that most officials anticipated a potential rate cut within the year, contingent upon forthcoming economic indicators and perceived risks. On the domestic front in China, consumer prices experienced a slight uptick but fell short of alleviating concerns over deflation. In contrast, producer prices recorded their steepest drop in two years, reflecting sagging demand and ongoing trade tariff challenges. Market gains were tempered by investor caution ahead of the forthcoming release of China's June trade data scheduled for the weekend.
Leading early risers in the market included KE Holdings with a 4.4% increase, China Overseas Land rising by 3.1%, ZTO Express up 2.8%, and SMIC with a 1.6% gain.
