03.02.202602:22:29UTC+00Hong Kong Stocks Snap Two-Day Slide

In Tuesday morning trading, Hong Kong's stock market experienced an uptick, gaining 111 points or 0.4%, to reach 26,887, thereby ending a two-session decline. This recovery was in response to robust performance on Wall Street overnight, as the pressure from last week's significant drop in metals and cryptocurrencies continued to alleviate. Investors engaged in bargain hunting after the local markets had pulled back from a 4-1/2-year high. Concurrently, mainland stocks saw an upward trend following recent setbacks, bolstered by private survey data indicating January factory activity growth at its most rapid pace in three months, as producers increased output in anticipation of the Lunar New Year. However, the gains were tempered by anticipated caution around the release of Hong Kong's December retail sales data later in the day and China's decision to increase the VAT on telecom services from 6% to 9%. Broad advances were observed across all sectors, with notable leadership in property and financial sectors. Mining companies showed gains alongside the metals market, with Zijin Gold International rising by 3.3% and Zhaojin Mining by 1.9%. Other prominent gainers included CK Hutchison at 3.7%, Wuxi Biologics at 3.2%, and MTR Corp increasing by 3.0%.