Hong Kong Stocks Rise on Tech Rebound

Hong Kong Stocks Rise on Tech Rebound

The Hang Seng Index climbed 1.2%, or 288 points, to 22,950 on Monday, rebounding after back-to-back declines in the previous two sessions as bargain hunting emerged in beaten-down technology shares.

Gains were led by technology and retail stocks, while sentiment was further supported by firmer global risk appetite after reports that the US and Iran had stepped back from escalating hostilities, boosting US equity futures and encouraging buying across Asian markets.

Investor confidence also drew support from stronger-than-expected profits at China's industrial firms in the first five months of the year, confidence in the country's manufacturing sector.

However, investors took caution ahead of this week's release of China's official PMI data.

Among the top gainers were Tencent (+0.9%), Kingboard Holdings (+2.5%), Semiconductor Manufacturing International Corporation (+3.2%), Meituan (+4.1%), and Horizon Robotics (+10.5%).

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