Hong Kong Stocks Witness Largest Weekly Surge in Five Months Amidst Global Market Rally

The Hong Kong stock market experiences its largest weekly increase in almost half a year. The city's main index recorded its most significant weekly rise in close to five months, influenced by a worldwide surge.

The Hang Seng Index rose by 1.4 per cent, settling at 18,258.57 at the end of trading. It saw a 5.1 per cent increase this week, marking its most significant five-day gain since April 26. The Hang Seng Tech Index also experienced a 1.4 per cent uplift, while the Shanghai Composite Index saw a marginal increase of less than 0.1 per cent.

Significant markets in the Asia-Pacific region experienced an uptick. Japan's Nikkei 225 saw a 1.5 per cent increase, South Korea's Kospi went up by 0.5 per cent, and Australia's S&P/ASX 200 recorded a 0.2 per cent gain.

The S&P 500 concluded with a 1.7 per cent increase overnight, marking its 39th highest close this year. A decline in US unemployment claims to its smallest number since May indicated a strong labour market, even with a decrease in recruitment. This mitigated worries that the Federal Reserve may have been delayed in reducing rates on Wednesday.