Hang Seng Turns Early Losses to Close Higher
The Hang Seng rose 53 points or 0.3% to end at 17,422 on Monday, shifting from modest losses in the morning session while gaining for the third session as traders were eventually confident that US monetary easing cycle will begin later this week.
In China, the PBoC is set to deliver a monthly fixing of its key lending rates on Friday after disappointing industrial output growth and retail trade figures in August. Meanwhile, some economists believed that Beijing's decision to delay retirement age could boost employment in the near term and economic output. While tech and consumers mainly gained, property was muted as Beijing reportedly is preparing to reduce rates on over $5 trillion in outstanding mortgages, possibly as soon as this month.
Index leader Tencent Hlds. added 0.6%, amid robust gains from Meituan (2.9%), Kuaishou Tech. (4.3%), and Techtronic Inds. (3.6%). Akeso Inc. jumped 16.2% after Citi reiterated a buy rating on the stock following strong clinical data.
Source: Trading Economics
