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Hong Kong Stocks Rebound on Tech Rally

The Hang Seng Index rose 1.5%, or 375 points, to 25,490 on Monday, rebounding from a fourth consecutive session of decline as investors returned to beaten down stocks, with technology stocks leading the recovery. SenseTime surged around 8.2% after the artificial-intelligence company forecast a first-half profit of RMB500 million to RMB700 million, which would mark its first profit since its Hong Kong listing. Hong Kong’s IPO market also remained in focus. China’s securities regulator cleared Transsion Holdings’ Hong Kong listing, with the cellphone maker planning to issue up to 132 million H-shares. However, investors remained cautious about geopolitical risks and oil prices, while awaiting China’s latest economic data for signs of the strength of its recovery. Among notable movers included Tencent (1.3%), Semiconductor Manufacturing International Corporation (3.3%), MiniMax (2.5%), and Lenovo (0.5%).

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