Hong Kong stocks edge higher as oil steadies, tracking Wall Street gains Hong Kong stocks rose for a second consecutive day on Tuesday, following gains on Wall Street, as oil prices stabilized after a sharp overnight drop. The recovery in energy markets eased concerns over inflation and geopolitical tensions, providing a boost to local equities. The Hang Seng Index closed up 0.1 percent at 25,868.54, having earlier surged as much as 1.6 percent during the session. The Hang Seng Tech Index, however, fell 0.1 percent. On the mainland, the CSI 300 Index declined 0.7 percent, while the Shanghai Composite Index dropped 0.9 percent. E-commerce giant Alibaba Group Holding gained 0.5 percent to HK$134.60 after announcing the launch of an artificial intelligence platform for businesses. Smartphone and electric vehicle maker Xiaomi rose 0.5 percent to HK$35.36, while carmaker Geely surged 4.6 percent to HK$18.84. Blind-box toymaker Pop Mart climbed 3.2 percent to HK$215.40. Some stocks faced pressure, with search-engine operator Baidu falling 3 percent to HK$119.20 and EV battery maker Contemporary Amperex Technology Ltd declining 3.3 percent to HK$648. Bright Smart Securities & Commodities Group, Hong Kong’s largest retail stock brokerage, soared 47 percent to HK$13.60 after confirming that an Ant Group-led takeover had received regulatory approval from Chinese authorities. The deal is set to conclude by March 30. In the U.S., major stock indices climbed on optimism that more oil tankers would navigate the Strait of Hormuz safely. The S&P 500 Index gained 1 percent, the Nasdaq rose 1.2 percent, and the Dow Jones Industrial Average added 0.8 percent. Brent Crude prices stabilized at around US$102 per barrel on Tuesday morning, having dropped 2.9 percent the previous day.#hong_kong #wall_street #hang_seng_index #csi_300_index #shanghai_composite_index
