Aluminum Corp of China Ltd, popularly known as Chalco, saw its Hong Kong shares rise as much as 7.6 percent to HK$3.67, the highest daily percentage gain since March 16.
The stock is on track to end a six-session losing streak; it is the Hang Seng material index’s second-largest percentage gainer.
Citi maintains a ‘buy’ recommendation on the company, citing Chalco management’s expectation of more stimulating government measures, such as infrastructure construction promotion and proactive fiscal policies. However, Citi sees adverse risks from lower-than-expected aluminum and alumina prices, higher-than-expected costs, and the Chinese government loosening supply-cut restrictions if aluminum prices exceed expectations. The Shanghai-listed stock has increased by 5.4 percent. The Hang Seng Material Index rises by 4.2 percent, the Hang Seng Composite Index (.HSCI) grows by 0.3 percent, and the Hang Seng Index (HSI) falls by 0.1 percent.
Early Wednesday morning, U.S. stock futures were higher as the major averages continued their April sell-off over concerns about an economic slowdown. Wall Street examined earnings that came in after the bell.
Futures on the Dow Jones Industrial Average increased 254 points or 0.77 percent. The S&P 500 futures were 0.58 percent higher, while the Nasdaq 100 futures were 0.36 percent higher.
In after-hours trading, major technology companies continued to fall. Alphabet’s stock fell more than 2% after the company disclosed earnings. Meta Platforms, which reports earnings on Wednesday, has also slumped more than 2%. Meta, Facebook’s parent company, is scheduled to disclose payments on Wednesday, while Apple and Amazon expect to post profits on Thursday. On Wednesday, T-Mobile, Boeing, PayPal, and Ford will report gains.
Investors will be looking for the most recent statistics on weekly mortgage applications, international trade, and pending house sales.
The index is now around 23% below its all-time high. On Wednesday, the Dow Jones Industrial Average fell 809.28 points, or 2.4 percent. The S&P 500 fell 2.8 percent.
The S&P 500 is down 7.8 percent in April, the Nasdaq is down 12.2 percent, and the Dow is down 4.2 percent.
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