Hong Kong stocks extend winning streak amid stabilising oil prices despite Iran conflict



Hong Kong stocks rose for a third day on Wednesday as investors tracked overnight gains on Wall Street and took cues from stabilising oil prices, despite lingering geopolitical tensions in the Middle East.

The Hang Seng Index added 0.2 per cent to 25,923.03 at the open, marking its third consecutive day of gains and the longest winning streak since January 29. The Hang Seng Tech Index gained 0.1 per cent. On the mainland, the CSI 300 Index and the Shanghai Composite Index were little changed.

Carmaker BYD added 0.7 per cent to HK$105.40, and blind-box toymaker Pop Mart International advanced 2 per cent to HK$219.80. Food-delivery service provider Meituan climbed 0.7 per cent to HK$80.55 and chipmaker Semiconductor Manufacturing International Corporation added 0.7 per cent to HK$62.30.

Limiting gains, WeChat operator Tencent Holdings lost 0.6 per cent to HK$546.50, e-commerce major Alibaba Group Holding fell 0.2 per cent to HK$134.40 and search-engine leader Baidu slid 0.3 per cent to HK$118.90.

That came after a rebound in US markets overnight, with major indexes posting gains and oil prices stabilising. The S&P 500 rose 0.3 per cent while the Nasdaq 100 added 0.5 per cent on Tuesday, extending gains for a second consecutive session.

Brent crude slipped about 1 per cent to trade below US$103 a barrel after Iran confirmed the death of a senior security official.

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