Hong Kong Stocks End in Green; Junshi Bio Gains 3%
Hong Kong stocks ended higher Monday as markets analyzed the latest trade data from China and investors factored in a chance of a major rate cut in the U.S.
The Hang Seng Index gained 215.93 points, or 0.9%, to 25,633.91, while the Hang Seng China Enterprises Index rose 64.44 points, or 0.71%, to 9,121.66.
China's exports jumped by 4.4% in August, while imports rose by 1.3%, according to official data. The figures missed the respective 5% and 3% growth predicted by analysts polled by Reuters.
Meanwhile, markets increasingly expected the Federal Open Market Committee to cut rates next week after the U.S. reported dismal labor data, Reuters reported.
In corporate news, Hesai Group launched its initial public offering in Hong Kong, seeking to raise as much as HK$3.88 billion from the deal.
The three-dimensional light detection developer is offering up to 17 million shares at an indicative price of HK$228.00 apiece, according to an filing with the Hong Kong Exchange.
Elsewhere, Shanghai Junshi Biosciences said its experimental dermatology drug JS005 achieved "positive results" in a phase 3 clinical trial.
Shares closed nearly 3% higher.
Source : MT Newswires
