Hong Kong stocks rallied in Monday morning trading. The Hang Seng rose 71 points, or 0.3%, to 25,762, its highest level in more than a week and its fourth consecutive session of gains.
This strengthening followed positive sentiment on Wall Street. Technology stocks led the way as optimism around AI-related stocks rebounded.
In China, sentiment was also supported by the People's Bank of China's Central Bank's decision to maintain its benchmark lending rate at its lowest level for the seventh consecutive meeting. This move is seen as maintaining policy support while the economy remains on track to meet this year's growth target.
News about ByteDance also boosted the market. The company reportedly reached an agreement with three major investors to form a joint venture that will operate the TikTok app in the US.
Most sectors moved in the green, including non-energy minerals, manufacturing, and technology services. Notable stocks included SMIC (+4.2%), Zijin Mining (+3.6%), Pop Mart (+3.4%), Li Auto (+2.9%), and Baidu (+1.7%). (asd)
Source: Newsmaker.id
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