Hong Kong Stocks Rise on Easing Rate Fears; InSilico Medicine Gains 4%
Hong Kong stocks closed higher Friday after U.S. Federal Reserve Governor Christopher Waller's comments eased concerns over another U.S. rate hike, lifting sentiment ahead of U.S. jobs data.The Hang Seng Index gained 437.56 points, or 1.7%, to close at 25,650.87, while the Hang Seng China Enterprises Index rose 169.79 points, or 2%, to 8,555.03.Waller said he would favor keeping interest rates steady if inflation continues to cool, helping boost global markets. Investors also watched developments in China's artificial intelligence sector after Moonshot AI reportedly filed confidentially for a Hong Kong IPO seeking to raise about $3 billion.Baidu (HKG:9888) which completed conversion from a secondary listing to a dual primary listing on the Hong Kong Stock Exchange earlier this week rose nearly 5%.In corporate developments, KFM Kingdom (HKG:3816) said it was unaware of reasons for unusual share price and trading activity, while its major shareholder KIG Real Estate said it was exploring potential transactions involving the company. KFM Kingdom shares rose nearly 4%InSilico Medicine (HKG:3696) also rose nearly 4% after Chairman Aleksandrs Zavoronkovs said he plans to buy up to HK$16 million of the company's shares in the secondary market this month using his personal funds.
