Hong Kong stocks gain the most in 2 weeks after Fed’s Powell signals rate cut next month

The Hang Seng Index added 1.2 per cent to 25,642.70 at 9.50am local time, the biggest gain in two weeks. The Hang Seng Tech Index rose 1.8 per cent. On the mainland, the CSI 300 Index gained 0.8 per cent and the Shanghai Composite Index strengthened 0.6 per cent.

Mining firm Zijin Mining surged 5.1 per cent to HK$24.04 and chipmaker SMIC jumped 3 per cent to HK$58.55. Search-engine leader Baidu added 3.7 per cent to HK$88.85, online games provider NetEase climbed 3.3 per cent to HK$212 and e-commerce giant JD.com advanced 2.8 per cent to HK$124.80.

Sinopharm Group fell 1.3 per cent to HK$19.27, while Wuxi Biologics dropped 1 per cent to HK$32.60.

After Powell hinted at the Jackson Hole symposium on Friday that interest rates could head lower amid a softening jobs market, the S&P 500 rose 1.5 per cent higher, its best gain since May 27, and the tech-heavy Nasdaq Composite added 1.9 per cent.