Hong Kong Stocks Rebound, Hang Seng Index Gains Over 1% Amid Positive Momentum

(RTTNews) – The Hong Kong stock market halted a four‑day losing streak on Monday, snapping a decline of more than 750 points or 4.1 percent. The Hang Seng Index now sits just above the 18,400‑point level and could find additional support on Tuesday.

Global forecasts for Asian markets suggest modest upside ahead of key data later in the week, although falling oil prices may limit gains. European and U.S. markets were mixed and relatively unchanged, and Asian markets are expected to open in a similar vein.

The Hang Seng closed sharply higher on Monday, with broad gains across sectors, particularly technology and financials.

For the session, the index jumped 323.43 points, or 1.79 percent, to finish at 18,403.04 after trading between 18,283.56 and 18,573.81.

Among the most active stocks, Alibaba Group rose 2.34 percent, Alibaba Health Info climbed 2.74 percent, ANTA Sports and Xiaomi Corp. each gained 2.40 percent, China Life Insurance advanced 2.35 percent, Mengniu Dairy increased 2.51 percent, China Resources Land rose 2.29 percent, CITIC up 2.53 percent, CNOOC added 0.72 percent, Country Garden edged up 0.18 percent, CSPC Pharmaceutical rose 1.21 percent, Galaxy Entertainment gained 2.00 percent, Hang Lung Properties rose 2.38 percent, Henderson Land advanced 1.85 percent, Hong Kong & China Gas climbed 1.32 percent, ICBC added 1.13 percent, JD.com surged 2.55 percent, Lenovo rose 1.07 percent, Li Ning up 1.97 percent, Meituan jumped 3.71 percent, New World Development slipped 0.12 percent, Techtronic Industries rose 0.21 percent, and WuXi Biologics increased 1.62 percent.

Wall Street offered little direction as the major U.S. averages opened higher on Monday, quickly turned lower, and spent most of the day in the red before a late rally produced mixed, largely unchanged close.

The Dow fell 115.29 points, or 0.30 percent, to end at 38,571.03; the NASDAQ added 93.65 points, or 0.56 percent, closing at 16,828.67; and the S&P 500 rose 5.89 points, or 0.11 percent, to finish at 5,283.40.

Investors locked in gains during the first half of the day, consolidating positions ahead of upcoming data releases. Late‑day bargain hunting helped lift the averages toward the close.

In U.S. economic news, the Institute for Supply Management reported that manufacturing activity unexpectedly contracted at a slightly faster pace in May, while the U.S. Census Bureau said construction spending fell unexpectedly in April.

Oil prices dropped to a four‑month low on Monday after OPEC announced it will begin phasing out voluntary production cuts over the next year. West Texas Intermediate crude futures for July fell $2.77, or about 3.6 percent, to $74.22 a barrel.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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