SHANGHAI: Hong Kong stocks closed at a 4-1/2-year high on Wednesday, tracking gains on Wall Street, and gold’s blistering rally boosted energy and materials shares.
Hong Kong’s benchmark Hang Seng Index was up 2.58 percent, marking its highest finish since July 2021. It has risen for six consecutive days, its longest winning streak since May 2025.
Energy and materials stocks were top gainers, with the Hang Seng energy and materials sub-indexes jumping 4.35 percent and 5.39 percent, respectively.
Gold broke through USD5,200 for the first time on Wednesday, after rising more than 3 percent in the previous session, as the dollar plunged to a near four-year low amid persisting geopolitical concerns. The surge also supported mainland shares, with the CSI non-ferrous metal sub-index leaping 6.4 percent at the close to a record level. China CMOC Group jumped 9.8 percent, and Zijin Mining rose 4.16 percent.
The benchmark Shanghai Composite index climbed 0.27 percent, while the blue-chip CSI300 index gained 0.26 percent.
Embattled property developer China Vanke, rose after the company received further support from Shenzhen Metro, its biggest shareholder.
Separately, China has approved the import of the first batch of Nvidia’s H200 artificial intelligence chips, sources told Reuters, marking a shift in position as China seeks to balance its AI needs against spurring domestic development.
The equity market’s strength also came alongside a softer US dollar, as traders monitored the prospect of coordinated currency intervention by US and Japanese authorities and awaited the Federal Reserve’s interest rate decision.
“Investors will watch closely for any guidance from Fed Chair Jerome Powell on the path of interest rate cuts for this year, as well as whether the earnings of tech giants can justify the pressure of high valuations,” analysts at SDIC Securities said in a note.
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