Hong Kong stocks head for longest rising streak in 3 weeks on cooling US inflation data

The Hang Seng Index advanced 0.3 per cent to 25,588.85 as of 10.04am local time. The Hang Seng Tech Index dropped 0.6 per cent.

On the mainland, the CSI 300 Index climbed 0.2 per cent and the Shanghai Composite Index added 0.1 per cent.

Bottled water maker Nongfu Spring gained 3.4 per cent to HK$47.32 and CSPC Pharmaceutical Group rallied 2.4 per cent to HK$8.20. Alibaba Group Holding rose 0.6 per cent to HK$144.90 and Tencent Holdings added 0.7 per cent to HK$609.

US core inflation accelerated at 2.6 per cent in November, the slowest pace since early 2021, according to official data released on Thursday night. Overall consumer prices rose 2.7 per cent year-on-year, compared with the consensus estimate of a 3.1 per cent increase.

For the week, the Hang Seng Index has declined 1.4 per cent on renewed concerns about a bubble in artificial intelligence stocks.