HK Stock Market Move | In the afternoon, marine shipping stocks collectively rose, and China and the United States reached a consensus on economic and trade negotiations. Institutions predict that marine trade between China and the United States will quickly recover.

Shipping stocks rose collectively in the afternoon, as of the time of writing, SITC (01308) was up 6.85% at HK$30.58; The Pacific Shipping (02343) was up 4.67% at HK$2.69; COSCO Shipping Holdings (01919) was up 2.82% at HK$13.87; OOIL (00316) was up 1.86% at HK$137. On the news front, on October 30, the leaders of China and the United States held a meeting, delving into topics such as China-US economic and trade relations, and agreed to strengthen cooperation in various fields including trade and economics. In addition, through negotiations, the China-US economic and trade teams have achieved positive results. Specifically, the US will cancel the 10% so-called fentanyl tariff imposed, and the 24% retaliatory tariff will continue to be suspended for one year. The transportation market is being supported by the positive news, with active bookings and rising freight rates. Huayuan Securities pointed out that the implementation of these measures may ease bilateral trade tensions, promote global economic stability and growth, and benefit the shipping market. It is expected that maritime trade between China and the US will quickly recover, especially in terms of China's container exports to the US and China's imports of major commodities such as grain, crude oil, and natural gas from the US.