After rising as much as 1.9%, the Hang Seng Index rose 0.9% to 16,102.02 at the local noon trading break. The index has rebounded 4.2% from a 15-month low last week. The high-tech index rose 0.6%, and the Shanghai Composite Index rose 0.3%.
The long four rose 0.4% to HK$9.48 and the China Resources Rand rose 0.8% to HK$24.40 after the city of Guangzhou in southern Guangdong province lifted restrictions on the purchase of large hams.
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China bans securities lending to investors during restricted period
China bans securities lending to investors during restricted period
“The market remains in a recovery phase as sentiment recovers,” CICC strategist Kevin Liu said in a note on Sunday. “A true trend reversal requires more targeted policy catalysts,” he added.
Still, Hong Kong’s stock benchmark index has fallen 5.6% so far this month, on track for its worst January since a 6.7% drop in the first month of 2020.
US lawmakers move to ban military contracts with Chinese biotech companies
US lawmakers move to ban military contracts with Chinese biotech companies
02:31
China’s GDP: Beijing’s long to-do list for economic growth in 2024
China’s GDP: Beijing’s long to-do list for economic growth in 2024
Sentiment is likely to be cautious this week as further weak economic data is likely to be released. China’s manufacturing industry is likely to remain in contraction territory in January for the fourth straight month, according to economists tracked by Bloomberg. A government report last week showed industrial profits fell by 2.3% in 2023, the second consecutive year of decline.
The Fed 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 funds futures contracts compiled by CME Group.
Major major markets in Asia rose. South Korea’s Kospi rose 1.4%, Australia’s S&P/ASX 200 rose 0.3% and Japan’s Nikkei 225 rose 1.1%.