Hong Kong Stocks Advance on Robust China Trade Data; Pharmaron, CNGR Jump on Profit Outlook
Hong Kong stocks closed higher Tuesday as stronger-than-expected Chinese trade data offset renewed concerns over escalating U.S.-Iran tensions and higher oil prices.The Hang Seng Index rose 0.5%, or 127.01 points, to close at 24,340.73, while the Hang Seng China Enterprises Index gained 0.5%, or 37.11 points, to finish at 8,103.08.China's June trade data exceeded expectations, pointing to resilient external demand. Exports rose 27% year over year, while imports climbed 36%, with both figures topping analysts' forecasts.The trade surplus widened to $125.6 billion from $105.4 billion in May, beating the consensus forecast.Meanwhile, oil prices climbed after U.S. President Donald Trump said Washington was reinstating its blockade of Iranian shipping and would impose a 20% fee on cargo transiting the Strait of Hormuz.In corporate news, Pharmaron Beijing (HKG:3759, SHE:300759) closed over 6% higher after forecasting up to a 10% rise in first-half profit.CNGR Advanced Material (HKG:2579, SHE:300919) advanced over 8% after flagging an 84% first-half profit jump.
