Hang Seng Ends at Near 3-Month High on Trade Optimism
The Hang Seng jumped 389 points, or 1.6%, to close at 24,181 on Monday, recovering from losses in the previous session and hitting its highest in nearly three months. The gains were broad-based, driven by optimism ahead of high-level U.S.-China trade talks.
Technology stocks led the gains, with SMIC and Meituan each up 4.9% while Alibaba added 2.0%. Rare earth stocks also gained after Beijing approved some export applications, easing concerns about trade tensions. However, weak Chinese economic data limited further gains. Exports grew the slowest in three months in May, while imports shrank at a sharper pace.
Meanwhile, China’s CPI fell for a fourth month, and its PPI posted its sharpest decline in nearly two years. Investors now await U.S. inflation data due on Wednesday, which could affect expectations for a Fed rate cut. Giant Biogene rose 3.1% after its major shareholder announced plans to increase its stake. Other top performers included Innovent Biologics (8.0%), Kuaishou (5.5%), and Trip.com (4.4%).
Source: Trading Economics
