FX.co ★ Hang Seng Rises on PBoC Move, Tracks Wall Street Higher

Hong Kong's stock market advanced by 71 points, or 0.3%, reaching 25,762 in Monday morning trading. This marks the highest level in over a week as the market enjoyed gains for the fourth consecutive session. The positive momentum mirrored an encouraging trend on Wall Street, particularly with technology stocks leading the way, thanks to renewed optimism surrounding AI-related equities. Investor confidence was further bolstered by the People's Bank of China's decision to maintain key lending rates at historic lows for the seventh consecutive meeting, suggesting the economy is on course to achieve this year’s growth objectives. Additionally, sentiment was lifted by news that ByteDance had reached an agreement with three major investors to establish a joint venture to manage TikTok’s US operations. The majority of sectors saw positive trading, notably non-energy minerals, manufacturing, and tech services. Prominent gainers included Semiconductor Manufacturing International Corp (+4.2%), Zijin Mining Group (+3.6%), Pop Mart International Group (+3.4%), Li Auto (+2.9%), and Baidu (+1.7%).