FX.co ★ Hong Kong Shares Rally as September Kicks Off

In the opening session for the new month, Hong Kong's stock market surged by 526 points, or 2.1%, reaching 25,600 during Monday morning trading. This momentum builds on the gains from the previous session, fueled by investor optimism following positive data from Chinese manufacturing. The RatingDog China General Manufacturing PMI rose to 50.5 in August, surpassing both July's figure and the forecast of 49.5. This increase represents the highest PMI since March and indicates a rebound in production and the strongest rise in new orders in five months. All market sectors experienced growth, with consumer and technology stocks leading the way, each climbing over 2%. The real estate and financial sectors also registered significant growth. Mainland Chinese equities saw a third consecutive day of gains, maintaining proximity to historical highs. U.S. futures presented mixed signals, which moderated further increases, despite the S&P 500 achieving a fourth consecutive monthly gain on the anticipation of Federal Reserve rate cuts. Notably, Haier Smart Home advanced by 1.8% following robust first-half earnings and the announcement of dividends. Other substantial advances included Bank of China Hong Kong with a 7.7% increase, Innovent Biologics at 5.9%, Wuxi Biologics at 5.5%, SMIC at 3.9%, and KE Holdings rising by 3.2%.