The Hang Seng index surged 467 points, or 1.8%, to close at 27,027 on Monday, rebounding from a sharp decline in the previous session as gains were broad-based across all sectors. Sentiment improved following a strong performance on Wall Street on Friday, where the Dow Jones Industrial Average finished above the 50,000 mark for the first time, supported by a rebound in semiconductor stocks and growing expectations of further monetary easing by the Federal Reserve.
In mainland China, equities advanced after major brokerages encouraged investors to maintain their positions ahead of the Lunar New Year, suggesting that the recent market downturn may have run its course. On the macroeconomic front, China’s foreign exchange reserves rose for a seventh consecutive month in January, reaching USD 3.399 trillion — the highest level since 2015.
Gold-related stocks posted notable gains as the People’s Bank of China extended its gold-buying streak for a 15th straight month. Laopu Gold climbed 5.6%, while Zijin Mining Group’s international arm advanced 2.9%, and jewelry retailer Chow Tai Fook also gained 2.9%.
Among individual movers, Innovent Biologics jumped 7.4% following the announcement of a new partnership with Eli Lilly. Minth Group rallied 7.0% after unveiling plans for a U.S.-based AI robotics joint venture, and Meitu rose 5.1% on the back of a strong earnings outlook.
