Xiaomi, Baidu boost Hong Kong stocks as investors eye Fed’s Jackson Hole meet

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The benchmark Hang Seng Index maintains positive momentum as traders brace for earnings season in Hong Kong and Fed’s rate move

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Hong Kong stocks rose on Monday led by Baidu, Xiaomi and JD Health. Photo: Bloomberg

Aileen Chuang

Published: 10:54am, 19 Aug 2024Updated: 4:53pm, 19 Aug 2024

Hong Kong stocks rose on Monday driven by a rally in technology shares, adding to the biggest gain in two weeks on Friday, as investors focus on the coming earnings season and potential interest-rate cuts in the United States.

The Hang Seng Index added 0.8 per cent to 17,569.57 at the close. The Tech Index jumped 1.7 per cent after surging as much as 3 per cent in early trading, while the Shanghai Composite Index gained 0.5 per cent.

JD Health International surged 7.9 per cent to HK$23.15, while its parent JD.com gained 3.9 per cent to HK$112.40 after its quarterly profit nearly doubled despite intensifying competition. Xiaomi edged up 1.7 per cent to HK$17.62 before its earnings on Wednesday, while search engine operator Baidu rose 2.4 per cent to HK$85.80 ahead of its results on Thursday.

Li Auto rose 5.3 per cent to HK$80.65, leading gains among carmakers, and Xpeng advanced 3.8 per cent to HK$27.60.

Investors are looking to the Federal Reserve’s annual meeting this week in Jackson Hole, Wyoming, which is expected to pave the way for the rate cut next month. US stocks recorded their best week of this year after closing higher on Friday, shedding jitters of a US economic slowdown earlier this month.