The Hang Seng index surged 491 points, or 1.9%, to close at 25,830 on Monday (August 25th), extending its gains for a second session and reaching its highest level since October 2021. The rally was broad-based, driven by the prospect of a US interest rate cut amid weakening labor demand.
In China, the stock market rose nearly 10% this month due to a surge in liquidity. Meanwhile, the People's Bank of China (PBOC) injected a net CNY 465.7 billion into the financial system today, the largest daily addition since late July, to maintain adequate funding conditions. The Technology Index jumped more than 3% ahead of Nvidia's earnings report and after DeepSeek launched an upgraded model powered by Chinese chips.
Consumer, property, and financial stocks also rallied as Shanghai waived property taxes for qualified first-time home buyers and relaxed purchase limits in suburban areas. However, caution ahead of China's January-July industrial profits data limited further gains. Top moving companies included KE Holdings (5.6%), Galaxy Entertainment (5.3%), Lenovo (3.9%), Meituan (3.0%), and Tencent (2.4%). (alg)
Source: Trading Economics
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