Hong Kong stocks rebound as U.S. yields drop

So today is more of a technical rebound driven by the external U.S. market," said Linus Yip, chief strategist at First Shanghai Securities. ** Hong Kong shares fell to a new low in 2023 on Thursday as high interest rate and China' s economic problems continue to pressure the market.

Hong Kong shares rebounded on Friday from the lowest level in 2023 hit in the previous session, as Wall Street gained overnight due to a pullback in U.S. Treasury yield from multi-year highs.

Mainland markets are closed for a week-long National Day holiday and would reopen on Oct. 9. ** Hong Kong's Hang Seng Index rose 2.71%, and the Hang Seng China Enterprises Index jumped 2.79%.

** Hong Kong-listed tech giants rallied more than 3%. ** "Hong Kong stocks have fallen sharply recently, with P/E ratio dropping to less than 10 times. So today is more of a technical rebound driven by the external U.S. market," said Linus Yip, chief strategist at First Shanghai Securities.

** Hong Kong shares fell to a new low in 2023 on Thursday as high interest rate and China' s economic problems continue to pressure the market. Hang Seng Index dipped nearly 3% for the month. ** Embattled property giant China Evergrande Group said its founder is being investigated over suspected "illegal crimes", letting creditors become increasingly concerned about the group's prospects.

** Evergrande Group and its units have suspended share trading in Hong Kong since Sept. 28. ** On the bright side, U.S. and China are discussing a possible trip to Washington by Xi's top economic-policy aide, Chinese Vice Premier He Lifeng, the Wall Street Journal reported on Thursday, which could pave the way for Chinese President Xi Jinping to visit the U.S.

** Hong Kong shares of Nio Inc surged 9% after Reuters reported the Chinese electric vehicle maker is exploring investment, tech alliances with Mercedes-Benz, citing sources.