Hong Kong Rebounds, Market Ready to Regain Pressure!
The Hong Kong stock index rose 98 points, or 0.4%, to 24,607 on Monday morning, ending four consecutive days of declines. This gain was led by the property and technology sectors, which have again attracted investor interest. Market sentiment improved after top Chinese leaders pledged to continue supporting the economy and addressing unfair competition in the business sector at a Politburo meeting last week.
Beijing also confirmed it will hold its fourth plenary session in October, which will likely discuss the next five-year development plan. Meanwhile, a slight increase in US stock futures also provided support, following a sharp decline on Wall Street on Friday due to weak US employment data.
On the trade front, US Treasury Secretary Scott Bessent expressed optimism after the latest talks in Stockholm, saying that the US and China have the "basic ingredients" to reach a new trade deal. This statement somewhat eased market concerns about tariff tensions between the world's two largest economies.
However, further gains were held back as investors remained cautious ahead of key economic data releases from China, including the July services PMI and foreign trade figures scheduled for this week. Stocks that recorded early gains included Zhaojin Mining Industry (7.1%), Lenovo Group (2.6%), SMIC (2.9%), and Sun Hung Kai Properties (2.0%). (ayu)
Source: Newsmaker.id
