Hang Seng Pares Gains at Finish
The Hang Seng rose 150 points or 0.8% to close at 19,577 on Monday, breaking a six-session of losses after China urged listed companies to lift share prices through mergers and acquisitions, employee stock schemes, cash dividends, and share buybacks. However, the index trimmed early rises following Morgan Stanley's downgrade of Hong Kong shares to "underweight" from "market weight". Most sectors advanced, notably financials, consumers, and tech.
Geely Auto jumped 4.4% after Jefferies kept a "buy" rating, citing restructuring efforts to improve efficiencies. Some traders were cautious ahead of China's key lending rate fix after the PBoC kept rates at record lows last month. In the US, some Fed officials are set to speak this week, amid bets they will adopt a cautious tone on rapid rate cuts. Smoore Intl. jumped (4.8%), as did JD Logistics (4.7%), and Want Want China (3.1%). In contrast, Alibaba Group fell 1%, on plans to sell dollar and yuan bonds to pay back debt and buy back shares.
Source: Trading Economics
