The Hang Seng index rose 216 points, or 0.9%, to close at 25,634 on Monday, extending its gains for a second session. Sentiment was boosted by US index futures, which indicated a rally on Wall Street, as weak employment data reinforced speculation of a Fed rate cut later this month.
Investor optimism about the Chinese economy also improved after foreign exchange reserves reached their highest level since December 2015 in August, with the central bank reportedly increasing its gold holdings. However, gains were limited as Chinese trade data showed weak export and import growth, underscoring persistent trade risks and weak domestic demand.
Technology stocks rose 1.2% following reports that the US may grant approval for China's annual chip supply to Samsung and Hynix. Consumer and property stocks also rallied after Shenzhen eased restrictions on home purchases. Baidu surged 9.5% on its planned issuance of CNY-denominated senior unsecured bonds. Other companies that saw strong gains included Horizon Robotics (6.9%), Citic Ltd. (6.9%), and China's lender of record. (6.3%), and Bank of China Hong Kong (2.2%). (alg)
Source: Trading Economics
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