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Hong Kong Stocks Climb Ahead of Nvidia Earnings; Wai Chun Advances

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Hong Kong stocks closed higher Wednesday, as easing oil prices and renewed hopes for progress on the Strait of Hormuz supported sentiment.

The Hang Seng Index rose 141.87 points, or 0.6%, to close at 25,652.97, while the Hang Seng China Enterprises Index gained 88.47 points, or 1.1%, to finish at 8,533.84.

Oil prices extended their decline after Iran resumed talks with Oman over managing traffic through the Strait of Hormuz, easing concerns over supply disruptions and inflation.

Technology stocks advanced ahead of Nvidia's second-quarter earnings with investors looking for signs that the AI spending boom can sustain the chipmaker's rapid growth.

Investors also awaited U.S. inflation data for clues on the Federal Reserve's rate path ahead of Chair Kevin Warsh's speech at the Jackson Hole symposium later this week.

In corporate news, Wai Chun Bio-Technology (HKG:0660) gained 12% after it signed a memorandum with partners to develop an AI digital infrastructure project at Pahang Aerospace City in Malaysia.

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Lakala Payment Terminates Plans For Hong Kong IPO

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