The Hang Seng Index rose 1.2%, or 288 points, to 22,950 on Monday, snapping a two-day losing streak as bargain hunters moved into oversold technology stocks. The advance was led by technology and retail names, with sentiment further lifted by an improvement in global risk appetite following reports that the US and Iran had stepped back from escalating hostilities. This supported US equity futures and encouraged buying across Asian markets.
Investor confidence was also underpinned by stronger-than-expected profits at China’s industrial firms in the first five months of the year, bolstering optimism about the country’s manufacturing sector. Still, some caution prevailed ahead of the release of China’s official PMI data later in the week.
Among the session’s standouts were Tencent (+0.9%), Kingboard Holdings (+2.5%), Semiconductor Manufacturing International Corporation (+3.2%), Meituan (+4.1%), and Horizon Robotics (+10.5%).
