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.
The technology sector led the gains, with SMIC and Meituan each up 4.9% while Alibaba rose 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. May exports grew the slowest in three months, while imports shrank at a sharper pace.
Meanwhile, China's CPI fell for a fourth month, and 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%). (alg)
Source: Trading Economics
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