Hong Kong Stocks Rise After US-Iran Reach Interim Deal
Hong Kong stocks rose on Monday (June 15th), starting the week with positive sentiment. The Hang Seng Index rose 220 points, or 0.9%, to 24,935. This increase continued the previous session's gains, as investor appetite for riskier assets rebounded.
Market sentiment was boosted by news that the United States and Iran had reached an interim agreement to reopen the Strait of Hormuz. The agreement is scheduled for formal signing this week. This news helped ease market concerns about disruptions to global energy supplies.
The US-Iran agreement also triggered a sharp drop in oil prices. The drop in oil prices eased concerns about inflationary pressures, encouraging investors to return to riskier assets, including stocks in the Asian region.
In Hong Kong, investors again sought large-cap technology stocks and growth stocks. This buying spree occurred as improving risk sentiment opened up bargain hunting opportunities after the market had weakened recently. Strengthening was quite widespread, particularly in the financial, technology, and retail sectors.
Several key stocks that recorded gains included AIA (up 1.8%), Tencent Holdings (up 1.0%), Kingboard Laminates (up 7.2%), Lenovo (up 5.6%), and Semiconductor Manufacturing International Corporation (up 2.6%). The gains in these stocks were the main drivers of the Hang Seng's gains at the start of this week. (asd)
Source: Newsmaker.id
