Hong Kong stocks jump by most in 2 weeks on Iran-Israel truce as oil slides
stocks rose by the most in two weeks amid a slide in global oil prices after US President Donald Trump claimed a tentative ceasefire between Iran and Israel, fuelling risk appetite and easing concerns about the disruption of global oil supply.
The Hang Seng Index advanced 1.5 per cent to 24,050.54 at 10.05am local time, heading for the biggest gain since June 9. The Hang Seng Tech Index advanced 1.8 per cent. The CSI 300 Index of onshore leading stocks climbed 1 per cent, while the Shanghai Composite Index added 0.8 per cent.
Alibaba Group Holding rose 1.1 per cent to HK$112 and Tencent Holdings added 0.6 per cent to HK$507. Aluminium maker China Hongqiao rallied 7.3 per cent to HK$17.02 after projecting first-half earnings to rise 35 per cent from a year ago. EV makers Li Auto added 4.1 per cent to HK$112.10 while Xiaomi jumped 3.5 per cent to HK$56.75.
CNOOC dropped 1.8 per cent to HK$17.76 and PetroChina fell 1.3 per cent to HK$6.62 on lower oil prices, surrendering some of Monday's gains.
Trump claimed Israel and Iran agreed to a truce that is expected to take effect in 24 hours, days after authorising a military strike on Iran's nuclear facilities. The ceasefire came even after Iran attacked a US airbase in Qatar and threatened to shut the Straits of Hormuz, a major oil shipping route.
Futures on West Texas Intermediate oil tumbled more than 3 per cent to US$66.21 a barrel in Asian trading hours, extending an 8.6 per cent slump on Monday. Spot gold weakened 0.6 per cent.
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