Hang Seng crosses 26,500 as Hong Kong stocks rally on easing Middle East fears

ByAtlasnews

May 7, 2026 #Alibaba Group Holding, #Baidu, #CNOOC, #donald trump, #Hang Seng Index, #Hang Seng Tech Index, #Hong Kong, #Iran, #Middle East, #PetroChina, #SCMP Business, #Wall Street

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Hang Seng crosses 26,500 as Hong Kong stocks rally on easing Middle East fears

Alibaba and Baidu lead gains after softer crude prices and overnight advance in US equities boost market sentiment

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People walk outside the Hong Kong stock exchange in Central. Photo: May Tse

Peggy YePublished: 10:32am, 7 May 2026Updated: 10:38am, 7 May 2026

Hong Kong stocks jumped on Thursday, led by technology shares, as easing tensions in the Middle East and a drop in oil prices boosted sentiment after overnight gains on Wall Street.

The benchmark Hang Seng Index opened 1.2 per cent, or 317 points, higher at 26,531, recovering the 26,500 level, while the Hang Seng Tech Index gained 2.4 per cent to 5,089.

Tech heavyweights led gains, with Alibaba Group Holding rising nearly 4 per cent and Baidu advancing almost 5 per cent.

Oil producers fell as crude prices retreated. PetroChina slid more than 3 per cent and CNOOC lost over 2 per cent.

Investor sentiment improved after US President Donald Trump signalled optimism over developments related to the Iran conflict, helping ease concerns over energy supply disruptions and inflation pressures.

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