Hang Seng Index extends gains as rate hike expectations recede

Macro
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Summary · why it matters

The Hang Seng Index extended its gains in the Hong Kong market on the 3rd, closing at 23,350.03 points, up 295.00 points or 1.28 percent from the previous day. The US employment report showed nonfarm payrolls significantly below market expectations, with past figures also revised downward, causing US rate hike expectations to recede and buying to dominate. On the other hand, weakness in US tech stocks prompted selling in some tech names, limiting the upside. Among individual stocks, gold miners were strong, with Chifeng Jilong Gold Mining up 19.1 percent, Lingbao Gold up 16.2 percent, and Wanguo Gold Group up 15.7 percent. The pharmaceutical sector also saw buying, with RemeGen up 9.7 percent, Luye Pharma up 9.1 percent, and Everest Medicines up 8.7 percent. Conversely, some electronics-related names were weak, with Contel down 5.7 percent, GigaDevice down 5.4 percent, and SG Micro down 4.7 percent. In mainland China, the Shanghai Composite Index rebounded, closing 0.37 percent higher at 4,043.64 points.

Impact on stocks 8

Semiconductors · 1 stocks
Biotech & Genomic Medicine · 1 stocks
Critical Materials & Supply Chain · 1 stocks
Materials · 1 stocks