The biggest monthly gain in Hong Kong stocks occurs as a result of Tencent and Alibaba’s service data enhancement.

The biggest monthly May saw growth in China’s services sector in contrast to an unexpected decline in industrial activity.
On its first day of trading, Abbot Holding, the first newcomer to the GEM board in three years, saw a 20% increase.

Following a private report indicating that mainland China’s services sector grew last month despite a decline in factory activity, Hong Kong equities saw their biggest monthly increase.

The biggest monthly gain in Hong Kong stocks occurs as a result of Tencent and Alibaba's service data enhancement.
The biggest monthly By 10.20 a.m. local time, the Hang Seng Index had risen 2.5 percent to 18,533.34, the highest level of gain since May 2. The Shanghai Composite Index increased by 0.2%, but the Tech Index surged by 3%.

Out of the 82 index members, all but two had gains. Alibaba gained 2.8% to HK$77, Tencent increased 3.4% to HK$372.20, while JD.com gained 2.2% to HK$116.40. EV manufacturer BYD saw a 2.7% increase to HK$225.60, while competitor Li Auto had a 4% increase to HK$81.30.

According to economists surveyed by Bloomberg, the Caixa services purchasing managers’ index (PMI) surpassed analysts’ predictions of 51.6 last month, rising to 51.7 from 51.4 in April. This is the strongest pace of expansion in two years and the fourth straight month of faster growth.

The biggest monthly Chinese manufacturing activity decreased last month, despite analyst projections, according to statistics released last week.

The Hang Seng Index had dropped for two weeks in a row prior to today’s increase on profit-booking sales as investors were uneasy due to inconsistent earnings and an uneven economic rebound.

Kevin Liu, a strategist at CICC, stated in a note on Sunday that “the swings of the past month were all part of the market correcting excessive pessimistic and optimistic expectations.” “We think that even though risk appetite has returned, more catalysts may need to appear before the market can see even more upside potential.”

The biggest monthly gain in Hong Kong stocks occurs as a result of Tencent and Alibaba's service data enhancement.

The biggest monthly In other news, on Monday, Abbot Holding, a semiconductor company that made its debut on the Growth Enterprise Market (GEM) for the first time in three years, saw a 20% increase in share price from its initial public offering (IPO) price to HK$0.60 on the first day of trading.
Major Asian markets had advances as well. South Korea’s Koski increased by 1.9%, Australia’s S&P/ASX 200 leaped by 0.9%, and Japan’s Nikkei 225 gained 1%.

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