Hang Seng Rises Led by Technology Stocks
The Hang Seng Index strengthened on Monday (June 29th), driven by a rebound in technology stocks after experiencing pressure in the previous two sessions. The Hong Kong Stock Exchange's main index rose 1.2%, or around 288 points, to 22,950, as bargain hunting emerged in technology stocks that had previously experienced a significant correction.
The gains were primarily led by the technology and retail sectors. Market sentiment also improved after reports emerged that the United States and Iran were beginning to refrain from escalating their conflict. This news boosted US stock futures and boosted buying interest in several Asian markets.
Investor confidence was also supported by better-than-expected Chinese industrial company earnings data for the first five months of the year. This data signaled that China's manufacturing sector activity remains resilient, although the market remained cautious ahead of the release of China's official PMI data this week.
Among the major movers, Tencent rose 0.9%, Kingboard Holdings gained 2.5%, and Semiconductor Manufacturing International Corporation surged 3.2%. Meituan shares also rose 4.1%, while Horizon Robotics was one of the biggest gainers, surging 10.5%. (Asd)
Source: Newmaker.id
