Hang Seng Muted at Finish
The Hang Seng ended almost flat at around 20,599 on Monday after closing modestly higher in the previous session, with gains in property and tech nearly offsetting losses in financials.
Cautious traders anticipated China's Manufacturing PMI for October from both officials and a private survey later this week. They also braced for key events next week, including the US presidential election and a legislative meeting in China.
On economic data, industrial profits in China tumbled 27.1% yoy in September, the steepest fall since March 2020, due to persistently low factory gate prices, surging costs, and a high base from last year. For the first nine months of the year, industrial profits fell 3.5%, reversing a 0.5% rise in the preceding period. In Hong Kong, business sentiment hit a 2-1/2 year low of -3 in Q3, the second straight quarter of negative readings. Miniso Group (8.4%), Longfor Group (4.4%) logged strong gains while Innovent Biologics (-12.2%) and Ubtech Robotics (-8.5%) slipped.
Source: Trading Economics
