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Hong Kong Stocks Rally on US Inflation Hopes
19 Dec
Summary
- Hong Kong stocks surged for a third consecutive day.
- US core inflation in November hit its slowest pace since early 2021.
- The Hang Seng Index is on track for its longest winning streak in three weeks.
Hong Kong's stock market extended its winning streak into a third session on Friday, driven by encouraging US inflation figures. The benchmark Hang Seng Index saw a notable uptick, indicating a positive investor sentiment as the data fuels hopes for future monetary policy adjustments.
Official data released on Thursday revealed that US core inflation accelerated at a slower pace of 2.6 per cent in November, marking the slowest increase since early 2021. Overall consumer prices rose 2.7 per cent year-on-year, significantly below the consensus forecast.
Despite the overall market uplift, the Hang Seng Tech Index experienced a slight decline. Nevertheless, prominent companies such as Nongfu Spring and CSPC Pharmaceutical Group recorded substantial gains, contributing to the day's positive performance.
