Hong Kong stocks hold up on claimed Greenland deal, rebound in Japanese bonds
Global sentiment for risk assets jumps after US President Donald Trump touts framework agreement on Greenland
The Hang Seng Index advanced 0.2 per cent to 26,629.96 at the close. The Hang Seng Tech Index rose 0.3 per cent.
On the mainland, the CSI 300 Index finished almost unchanged and the Shanghai Composite Index added 0.1 per cent.
Pop Mart International Group, the toymaker with blockbuster doll Labubu, rallied 6 per cent to HK$206 before the Xinhua News Agency was due to release a video interview with founder Wang Ning on Friday. Chinese search engine operator Baidu surged 4.1 per cent to HK$160. CK Hutchison Holdings, billionaire Li Ka-shing’s flagship listed unit, added 1 per cent to HK$61.95 after saying that it had no immediate plan to spin off its telecommunications and health businesses for listings in response to media reports. On the downside, gold producer Zijin Mining Group slumped 2.3 per cent to HK$39.98 after the precious metal retreated from an all-time high.
While the market cheered the apparent detente, the tail risk of geopolitical conflicts was still hanging over stocks, as the Greenland issue was not solved entirely and tariffs remained as a weapon that could be picked up at any time, according to Stephen Innes, a managing partner at SPI Asset Management.