Hong Kong Shares Surge Amid Robust Southbound Inflows
Hong Kong shares closed higher on Monday, bolstered by the strongest southbound inflows in three weeks via the Stock Connect. Despite investor caution over tighter cash conditions, China's markets also showed positive gains. Significant moves included increases for Hua Hong Semiconductor and SMIC, amid potential U.S. export restrictions.
The Hong Kong stock market concluded Monday's trading session on a positive note, driven by southbound inflows via the Stock Connect, marking the highest levels in three weeks. This uptick comes despite persistent investor concerns over tightening cash conditions and a cautious outlook on liquidity.
China's blue-chip CSI300 Index and the Shanghai Composite Index also experienced gains, rising by 0.3% and 0.7% respectively. The Hong Kong benchmark Hang Seng jumped 0.7%, reflecting investor optimism. Notably, onshore investors purchased a net 7.9 billion yuan of Hong Kong shares, highlighting robust participation.
In other developments, the technology sector witnessed significant movement as Hua Hong Semiconductor and SMIC soared around 4.5% each. This follows reports that the U.S. government is considering further restrictions on China, potentially affecting global chip manufacturing operations.
(With inputs from agencies.)
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