The Hang Seng Index surged 252 points, or 1%, to close at 26,158 on Monday, reversing losses from the previous three sessions amid broad sector gains. Sentiment was boosted by the US-China trade truce, which includes US tariff reductions and the suspension of Beijing's new export restrictions on rare earth minerals and magnets.
The US is also expected to suspend port fees for a year for ships connected to China starting next week. Local data supported the rally, with Hong Kong's economy growing 3.8% year-on-year in Q3, the fastest since late 2023, while retail sales rose 4.8% in September, the highest in nearly two years.
These gains were tempered by private survey data showing China's factory activity growth slowed from a six-month high in October following the Golden Week holiday. Financial stocks jumped around 2%, led by AIA Group (5.3%), Industrial and Commercial Bank of China (2.5%), and Bank of China Hong Kong (1%). Property stocks rose 1.4%, led by gains from Sun Hung Kai Properties (2.1%) and CK Asset Holdings (1.9%). (alg)
Source: Trading Economics
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