CENTRAL: Hong Kong shares advanced on Tuesday, as investors’ concerns over the possibility of a global trade war eased amid opposition to U.S. President Donald Trump’s plan to impose tariffs on steel and aluminum imports.
“I expected the Hang Seng Index to rebound tracking U.S. equities today. Still, Trump said he will not soften his stance on trade matters, so there are many uncertainties for U.S. stock markets this week,” said Stanley Chik, head of research at Bright Smart Securities. Chik expects Hong Kong’s main index to be “volatile in the near term.” He pegs 29,500 as an important support level.
In the mainland, the Shanghai Composite Index added 0.2% after a choppy morning session, while its Shenzhen counterpart rose 0.7%. The onshore-traded yuan was up 0.1% to 6.3404 against the U.S. dollar.
