FX.co ★ Hong Kong Shares Rise on U.S. Court Ruling

In early Thursday trading, Hong Kong shares experienced an uptick, climbing 98 points or 0.4% to reach 23,360. This rise marks a recovery from the prior session's decline, with gains observed across most sectors, particularly in technology, consumer goods, and financial services. Investor sentiment improved markedly following a robust rally in U.S. futures, spurred by a federal court's decision to block President Donald Trump’s proposed “Liberation Day” tariffs. It is anticipated that the administration will appeal this ruling. Earlier in the week, Moody’s upgraded Hong Kong’s credit outlook from "negative" to "stable," highlighting the territory's robust credit profile even amid global trade challenges. Nonetheless, market gains were somewhat restrained in anticipation of China's official May PMI data, set to be released over the weekend, as concerns persist about weak factory activity despite ongoing government stimulus measures. The pharmaceutical sector saw significant activity, with Wuxi Biologics surging by 7.3%, Sino Biopharma rising 1.4%, and CSPC Pharma increasing by 1.3%. This rally is attributed to reports of China planning an overhaul of its pricing and procurement credit evaluation system. Additionally, Kuaishou Technology initially rose nearly 3%, buoyed by a positive earnings forecast and attractive valuations, before trimming those gains.