The Hang Seng Index surged 495 points, or 1.9%, to close at 26,322 on Monday (September 29th), recovering from two sessions of decline as all sectors contributed to the rally. Optimism increased after China's central bank on Friday promised stronger coordination between monetary and fiscal policies to support growth, while Goldman Sachs projected interest rate and RRR cuts for banks in the fourth quarter of 2025.
Sentiment was also lifted by signs that Beijing's crackdown on price wars is working, with authorities urging Chinese companies in the US to avoid aggressive discounting. Data-wise, China's industrial profits surged 20.4% year-on-year in August, the first increase since April, bringing total January-August growth to 0.9%.
However, caution remains ahead of China's week-long National Day and Mid-Autumn Festival holidays starting October 1st and the release of September's PMI data. Among the top performers were Zhaoijin Mining Industry (6.9%), UBTech Robotics (5.9%), Alibaba Health (5.3%), SMIC (4.6%), and AIA Group (3.3%). (alg)
Source: Trading Economics
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