Hong Kong Stocks Recover Despite Early Pressure
The Hang Seng Index recovered from early losses to close 0.3%, or 72 points, higher at 24,020 on Monday, following a 2.6% decline in the previous session. The rebound came despite pressure on rate-sensitive property and financial stocks, as elevated US Treasury yields and concerns over higher oil prices weighed on sentiment. Sentiment was supported by weaker-than-expected US employment data, which reduced expectations for another Fed rate hike this month, while Treasury yields eased. Semiconductor and Tech stocks led the gain, with Kingboard Laminates surging 11.9%, Z.AI Co. rising 6.2% and Lenovo gaining 4.7%. However, Brent crude remained around US$102 a barrel, keeping inflation concerns in focus. Trading was subdued as mainland Chinese markets remained closed for the National Day holiday. Meanwhile, Budweiser Brewing Company fell 2.1% after flagging a US$52 million withholding-tax charge. Hong Kong retail sales rose 2.9% year-on-year in August, the fastest growth in three months.
6% decline in the previous session. The rebound came despite pressure on rate-sensitive property and financial stocks, as elevated US Treasury yields and concerns over higher oil prices weighed on sentiment. Sentiment was supported by weaker-than-expected US employment data, which reduced expectations for another Fed rate hike this month, while Treasury yields eased. AI Co.
7%. However, Brent crude remained around US$102 a barrel, keeping inflation concerns in focus. Trading was subdued as mainland Chinese markets remained closed for the National Day holiday. 1% after flagging a US$52 million withholding-tax charge.
9% year-on-year in August, the fastest growth in three months.