FX.co ★ Hang Seng Slips Further But Wraps Up Strong June

On Monday, the Hang Seng Index fell by 212 points, equating to a 0.9% decline, closing at 24,072. This marked the third consecutive session of losses with all sectors experiencing a downturn. The market sentiment was dampened by a continued decline in China's manufacturing sector for the third month in a row as of June, with similar projections expected from an upcoming private survey on Tuesday. Among the sectors, financials suffered the most significant losses, followed by property, technology, and consumer sectors. Major companies witnessing notable declines included Bank of China Hong Kong, which dropped 5.5%, Li Auto decreasing by 3.3%, Meituan falling by 2.9%, and Tencent Holdings slipping by 1.5%. Conversely, Laopu Gold experienced a significant rise, reaching an all-time high, driven by elevated gold prices even as its IPO lockup period concluded. Despite these daily declines, the Hang Seng recorded a 3.4% increase overall in June, marking a second consecutive monthly gain. This was largely facilitated by robust initial public offering (IPO) activities in the city and diminishing concerns over U.S. tariffs, since the most severe threats from the Trump administration have yet to materialize. Additionally, Chinese Premier Li Qiang reiterated Beijing's dedication to stimulating consumption and countering deflation through decisive policy measures.