China, HK stocks track global tech rebound; gold miners rally
QQQ•Energy shares lag
Bucking the broader market strength, the CSI Energy Index .CSIEN fell nearly 1% as Brent crude futures fell on the prospect of more supply coming through the Strait of Hormuz.
(Reporting by Shanghai Newsroom; Editing by Janane Venkatraman)
China and Hong Kong shares advance
SHANGHAI, August 26 (Reuters) - China and Hong Kong stocks advanced on Wednesday, tracking a broader rebound in global markets as sentiment improved across technology and artificial intelligence supply-chain shares.
China's blue-chip CSI300 Index .CSI300 climbed 1.1% by the lunch break, rebounding from a near one-month low, while the Shanghai Composite Index .SSEC gained 0.7%. Hong Kong benchmark Hang Seng .HSI was up 0.7%.
Gold miners and healthcare shares gain
Non-ferrous metal shares .CSISNMIM also led gains onshore, up 3.3%, and materials stocks .HSCIM climbed 3.7% in Hong Kong, as gold prices XAU= hovered near a 3-month high.
Gold is poised for further gains driven by de-dollarisation, renewed ETF inflows, and solid central bank buying, analysts at UBS Wealth Management said. The Swiss bank noted bullion remains an attractive store of value amid dollar weakness and shifting U.S. rate expectations.
The Hang Seng Healthcare Index climbed 1.4%, buoyed by a near-10% surge in Innovent Biologics after the biopharmaceutical firm delivered better-than-expected first-half earnings.
