The Hang Seng Index surged 540 points, or 2.2%, to close at 25,617 on Monday (September 1), its biggest one-day gain since August 13 and its second consecutive gain, driven by broad gains. Consumer stocks surged about 3%, followed by solid gains in the technology and property sectors.
Sentiment was boosted by upbeat August manufacturing PMI data in China from a private survey, which showed strong growth in new output and new orders. Meanwhile, mainland Chinese equities rose for a third session as abundant liquidity encouraged higher yields. Gains were partly capped by mixed US index futures, following reports that an Appeals Court ruled many of Trump's levies illegal but left them in place until at least mid-October.
Meanwhile, Wall Street will be closed today for a holiday. Alibaba shares surged 18.5% amid optimism about its cloud business. Pharmaceutical stocks also rallied, with strong gains from Innovent Biologics (8.2%), Wuxi Biologics (7.2%), and Sino Biopharma (6.2%), driven by faster drug approvals, optimistic guidance, and the prospects for AI-based biotechnology. (alg)
Source: Trading Economics
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