Hong Kong stocks climbed for a second day as more fund managers turned bullish toward Chinese stocks after a months-long sell-off and anticipation of lower US inflation whetted risk appetite.
The Hang Seng Index rose 0.3 per cent to 17,478.49 as of 9.55am local time, extending the 1.3 per cent advance on Monday. The Tech Index added 0.1 per cent, while the Shanghai Composite Index added 0.2 per cent.
Electric vehicle maker BYD added 1 per cent to HK$244.60. Macau casino operator Sands China gained 1.1 per cent to HK$21.10, and online travel agent Trip.com jumped 3 per cent to HK$277.40.
HSBC climbed 1.2 per cent to HK$58.50, leading gains among local lenders, as US Consumer Price Index data due today is expected to show inflation cooled, prompting bets that interest rates have peaked.
The Hang Seng Index has gained 1.5 per cent this week as geopolitical tension eased ahead of a meeting between Chinese President Xi Jinping and US counterpart Joe Biden. Fund managers including Cambridge Associates, Franklin Templeton and Abrdn have turned bullish towards cheap Chinese stocks after months of sell-off, and said the coming Central Economic Work Conference in Beijing next month will be the spark.
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