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Hong Kong stocks edge higher as investors hedge against Middle East uncertainty
Hong Kong stocks rose on Wednesday as investors diversified away from US assets amid rising tensions between the US and Iran.
The Hang Seng Index advanced 0.2 per cent to 26,892.67 as of 9.55am, adding to a 0.9 per cent gain on Tuesday. The benchmark briefly touched 27,143 points on Tuesday, its highest since last November. The Hang Seng Tech Index added 0.6 per cent.
On the mainland, the CSI 300 Index rose 0.7 per cent and the Shanghai Composite Index climbed 0.4 per cent.
Leading the gainers, e-commerce firm Alibaba Group Holding jumped 2.6 per cent to HK$164.10 and smartphone and carmaker Xiaomi advanced 1.3 per cent to HK$38.46. Short-video platform Kuaishou Technology rose 4.1 per cent to HK$81.70, its highest since last October, after announcing its video-generation AI product had reached US$20 million in monthly revenue in December.
Limiting gains, online travel-booking agency Trip.com fell 4.7 per cent to HK$581 while food-delivery service provider Meituan slipped 1.6 per cent to HK$103.20, and e-commerce and logistics giant JD.com lost 1.3 per cent to HK$116.
Asian markets found support as geopolitical uncertainty in the Middle East reinforced demand for non-US equities, with some investors viewing Asia as a relative hedge.
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