HK stocks end up on tech and property plays
HK stocks end up on tech and property plays
The Hang Seng Index was up 168.43 points, or 0.7 percent, to close at 24,060.99. File photo: RTHK
Mainland China and Hong Kong stocks ended slightly higher on Monday, led by property and tech shares, as investors weighed mixed macroeconomic data and remained cautious amid geopolitical tensions that dampened risk appetite.
In Hong Kong, the benchmark Hang Seng Index was up 168.43 points, or 0.7 percent, to close at 24,060.99.
The Hang Seng China Enterprises Index climbed 0.86 percent to end at 8,729.99 while the Hang Seng Tech Index rose 1.15 percent to close at 5,299.91.
Across the border, the benchmark Shanghai Composite Index was up 0.35 percent at 3,388.73 while the Shenzhen Component Index closed 0.41 percent higher at 10,163.55.
China's factory output growth hit a six-month low in May, while retail sales picked up steam, offering relief for the world's second-largest economy amid a truce in its trade war with the United States.
The Golden Week holiday and discounts on e-commerce platforms starting in mid-May, ahead of the so-called "618" shopping event, should have helped to boost consumption during the month, said UBS analysts in a note.
"But it remains to be seen whether the momentum can sustain, especially as the effects of the consumer trade-in program begin to fade and tariff outlook remains uncertain."
Real estate shares traded onshore and offshore were up 2.4 percent and 2 percent, respectively, after the National Bureau of Statistics said efforts to halt the sector's decline were gaining traction.
Onshore artificial intelligence shares rose 0.9 percent, while tech majors listed in Hong Kong were up 1.2 percent.
New bank lending in China rose less than expected in May after hitting a nine-month low in April, as companies and consumers remained cautious about taking on more debt despite interest rate cuts and a trade truce between Beijing and Washington. (Reuters/Xinhua)
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