The Hang Seng rose 168 points or 0.7% to close at 24,061 on Monday, reversing early losses and posting its first gain in three sessions. Property stocks led gains after Guangzhou plans to ease home-buying curbs and price controls. Consumers and financials also strengthened, as China's consumer spending surged in May, due to holiday-driven demand.
A jump in U.S. futures also boosted sentiment, ahead of the Fed's interest rate decision Wednesday. While the central bank is widely expected to hold rates steady for the fourth straight meeting, mounting Middle East tensions and rising oil prices could dampen prospects for near-term easing.
Locally, the Hong Kong bourse aims to attract Southeast Asian and Middle Eastern firms for secondary listings. Guangzhou R&F Properties soared 3.1% on stronger May sales, while Xiaomi Corp. (4.6%), China Resources Land (4.4%), and Kuaishou Tech (3.5%) were among the top movers. However, Wuxi Biologics sank 5.2% after a major shareholder reduced its stake.
Source: Trading Economics
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