China and Hong Kong Stocks Surge Amid Positive Services Data
China and Hong Kong stocks climbed for the second straight session due to improved investor sentiment, following a private survey showing strong recovery in China's services activity. The Shanghai Composite reached its highest level since January 2022, while both the CSI300 and Hang Seng indices also increased.
China and Hong Kong stocks continued their upward trend on Tuesday, buoyed by positive data on China's services sector. A private-sector survey revealed robust recovery in July, which significantly brightened investor moods after last week's steep losses.
The Shanghai Composite index rose by 0.96%, closing at 3,617.60, its highest since January 2022. Both the blue-chip CSI300 index and Hong Kong's Hang Seng index saw increases of 0.8% and 0.68% respectively. The S&P Global China General Services PMI jumped to 52.6 in July, indicating the fastest growth since May 2024.
These gains were mirrored by Wall Street's rally amidst speculations of potential U.S. interest rate cuts. Analysts, however, foresee some market consolidation in coming weeks due to lingering uncertainties, including unresolved tariff issues between the U.S. and China.
(With inputs from agencies.)
- READ MORE ON:
- China
- stocks
- Hong Kong
- Shanghai Composite
- CSI300
- Hang Seng
- PMI
- investor sentiment
- economy
- recovery
Google News