Hong Kong stocks closed higher
The Hang Seng Index surged 540 points, or 2.2%, to close at 25,617 on Monday, its biggest one-day gain since August 13 and its second consecutive gain, driven by broad-based gains. Consumer stocks jumped about 3%, followed by solid gains in technology and property. Sentiment was supported by upbeat August manufacturing PMI data in China from a private survey, which showed renewed output growth and strong new orders.
Meanwhile, mainland equities rose for a third session as ample liquidity sought higher returns. Gains were partly capped by mixed US futures, following reports that an Appeals Court ruled many of Trump's levies illegal but kept them in place until at least mid-October. Meanwhile, Wall Street will be closed today for a holiday. Alibaba surged 18.5% on optimism about its cloud business. Pharmaceutical stocks also rallied, with strong gains from Innovent Biologics (8.2%), Wuxi Biologics (7.2%), and Sino Biopharma (6.2%), driven by faster drug approvals, optimistic guidance, and AI-driven biotechnology prospects. (ayu)
Source: Newsmaker.id
