18.08.202502:23:28UTC+00Hong Kong Stocks Rise Modestly to Begin the Week

Hong Kong's stock market experienced a modest rise, closing up by 73 points, or 0.3%, to reach 25,341 during Monday's morning trading session. This increase marks the end of a three-day downward trend, influenced by a positive shift in U.S. futures following Wall Street's mostly lower close on Friday, although the week concluded with a second consecutive weekly gain. The market's upward movement was primarily driven by tech and consumer stocks, bolstered by strong performance in mainland equities. Noteworthy in this context is Beijing's introduction of new economic measures aimed at revitalizing the slowing economy, such as subsidizing consumer loan interest and instructing state-owned enterprises to purchase unsold properties from struggling real estate developers. Nevertheless, the market's gains were tempered by investor caution ahead of the People's Bank of China's monthly loan prime rate announcement and heightened vigilance before the Federal Reserve's annual meeting in Jackson Hole, where Chair Jerome Powell may hint at a potential interest rate cut in September. Among the early gainers were Innovent Biologics, up 3.8%, Lenovo with a 3.1% rise, Chow Tai Fook climbing 2.8%, and Trip.com increasing by 2.6%. Conversely, Standard Chartered saw a significant decline of 7.2% following a call by a U.S. lawmaker for an investigation into alleged sanctions evasion.