Hang Seng Reverses Early Losses to Finish Higher
The Hang Seng rose 159 points or 0.7% to close at 23,689 on Monday, rebounding from early losses and marking the second straight gain.
All sectors ended higher, led by property, tech, and financials. Sentiment improved amid a notable rise in mainland markets ahead of China’s top legislature meeting later this week, where fresh stimulus measures might be proposed.
Traders looked past signs of a weaker Wall Street open after San Francisco Fed Mary Daly suggested rate cuts may come in the fall, compared with Governor Christopher Waller’s projection of a July move.
Meanwhile, geopolitical tensions stayed elevated after the U.S. launched strikes on Iranian nuclear facilities, prompting Iran to vow retaliation and leading the U.S. State Department to issue a worldwide caution alert. Still, the conflict had limited immediate impact on local stocks.
CSPC Pharma gained 1.3% after securing approval for a pain treatment, while Laopu Old (7.8%), SMIC (4.8%), and Akeso Inc. (4.8%) also gained.
Source: Trading Economics
