Asia / Pacific
Hong Kong Stocks Rise as US Inflation Cools
Hong Kong stocks rose on Friday due to rekindled hopes of US interest-rate cuts.
• The Hang Seng Index and the Hang Seng China Enterprises Index rose by 2.59% and 2.52% respectively.
• US consumer prices dropped for the first time in the last four years, indicating a possible interest-rate cut to 86% from 70% at the September meeting.
• Hong Kong Export Credit Insurance’s profit surged by over 700% year over year to HK$205.4 million for the fiscal year ended March.
• Cirrus Aircraft 2507 raised HK$1.39 billion in net proceeds from its Hong Kong initial public offering.
• Deson Development International Holdings 262 reported a net loss attributable to the owners of HK$75.7 million for the fiscal year ended March 31, a 17% lesser loss compared to the prior year.
• Zhongyuan Bank 1216 completed the issuance of 8 billion yuan tier 2 capital bonds, a 11% surge on Friday’s close.
