HK Shares Climb as Financials Gain, Caution Weighs

Hong Kong‘s blue chips climbed on Thursday as financial stocks gained after top Chinese bank ICBC flagged rosy earnings for the first quarter, but experts say caution will prevail in coming weeks amid persistent concerns of a global economic downturn. Analysts expect the market to remain in a holding pattern for now amid uncertainty ranging from the prospect of China’s economy — a major driver for the city and its stock market — slowing sharply, to a U.S. recession hammering global growth. Tony Tong, China Everbright’s deputy head of research said “Investors are cautious about the outlook for the economy, no matter if it’s the subprime issue or China’s economic growth. “Now, investors … are wondering, what’s going on? What’s next?” “This is a technical rebound after the sell-off over the past two days.


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