FX.co ★ Hong Kong Stocks Set to Log Robust Weekly Gains

Hong Kong's stock market experienced a rise, with shares climbing 205 points or 0.9% to reach 22,113 during Friday morning trading. This rebound occurred after losses in the previous session, spurred by Wall Street's gains overnight. Investors are betting that the US Federal Reserve might lower interest rates sooner than expected to avert a potential recession. Boosting market optimism further, People's Bank of China Governor Pan Gongsheng reaffirmed at the G20 meeting in Washington that China intends to uphold a moderately loose monetary policy to sustain its economic growth. For the week, the Hang Seng is poised for a gain exceeding 3%, likely marking its second consecutive weekly increase. This optimism is further fed by reports that China has begun issuing special bonds to counteract escalating trade tensions. Additionally, Beijing's decision to reduce its negative list for foreign investment from 117 to 106 sectors highlights its ongoing efforts to further open its market. The gains were widespread, spearheaded by sectors such as property, consumer goods, and technology. Notable performers included Lenovo Group, which rose by 3.5%, KE Holdings at 4.1%, China Resources Land increasing 2.4%, and China Overseas Land up 2.1%.