Stocks in Hong Kong jumped 272 points or 1.4% to 19,702 in early trade on Monday after retreating in the prior six sessions, helped by robust gains in most sectors. Financial stocks led the advance, climbing around 2% after a Chinese regulator urged companies with share prices lower than book values to improve performance.
Tech and consumer sectors also saw strong gains, despite Goldman Sachs' recommendation to underweight Hong Kong stocks due to limited economic and earnings growth. Capping the upturn was fresh data showing foreign direct investment in China tumbled 29.8% yoy in the first ten months of the year. In the meantime, caution grew ahead of a monthly key lending rate fix later this week after the PBoC kept them unchanged at record lows in October.
Some early movers included JD Logistics (6.5%), Longfor Group (3.0%), and Tencent Hlds. (2.9%). By contrast, ecommerce giant Alibaba Group sank 2.2%, as it plans to raise $5 billion in multi-tranche dollar and offshore yuan bonds.
Source: trading Economics
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