The Hang Seng Index rose 0.8 percent to 16,077.24 on Monday, after rising as much as 1.9 percent. The index rebounded 4.2 percent last week from its lowest level in 15 months. The Technology Index rose 0.5 percent, while the Shanghai Composite Index fell 0.9 percent.
Longfor added 0.3 percent to HK$9.47, and China Resources Land jumped 2.9 percent to HK$24.90 after the city of Guangzhou in southern Guangdong province lifted restrictions on buying large homes.
“The market is still in a recovery phase driven by recovering sentiment,” Kevin Liu, a strategist at CICC, said in a report on Sunday. He added: “Reversing the real trend requires more targeted political incentives.”
However, Hong Kong's benchmark stock index has fallen about 4.2 percent so far this month, heading for its worst January since a 6.7 percent drop in the first month of 2020. A court ruling sending debt-laden Chinese developer Evergrande into liquidation has led to… Reducing stock gains.
Sentiment is likely to be cautious ahead of further potentially weak economic data this week. Chinese manufacturing is likely to remain in contraction territory for a fourth month in January, according to economists tracked by Bloomberg, ahead of an official report on January 31. Industrial profits fell by 2.3 percent in 2023, the second year of decline, a report said last week. show up.
The Federal Reserve is expected to keep its key interest rate unchanged at its first policy meeting of the year later this week, according to odds calculated from Federal Reserve funds futures compiled by CME Group.
Major major Asian markets were trading higher. South Korea's Kospi advanced 0.9 percent, Australia's S&P/ASX 200 rose 0.3 percent, while Japan's Nikkei 225 added 0.8 percent.
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