Hang Seng Index rises amid GDP data wait
The Hang Seng Index closed at 24,203.32 on Monday, up 63 points or 0.26 percent. File photo: AFP
Mainland Chinese and Hong Kong stocks ended trading on Monday inching higher as markets reacted cautiously to positive trade data and awaited GDP figures amid lingering tariff concerns.
The benchmark Hang Seng Index closed 63 points, or 0.26 percent, up at 24,203.32.
The Hang Seng China Enterprises Index rose 0.52 percent to end at 8,732.74 while the Hang Seng Tech Index rose 0.67 percent to end at 5,283.50.
Up on the mainland, the benchmark Shanghai Composite Index rose 0.27 percent to 3,519.65 while the Shenzhen Component Index closed 0.11 percent lower at 10,684.52.
The combined turnover at these two indexes stood at 1.46 trillion yuan, down from 1.71 trillion yuan on Friday.
Stocks related to the papermaking and ceramic sectors led gains while stocks in the shipbuilding, media and entertainment sectors led losses.
The ChiNext Index, which tracks China's Nasdaq-style board of growth enterprises, lost 0.45 percent to close at 2,197.07.
Fresh data released on Monday showed China's trade activities rebounded as exporters capitalised on a fragile tariff truce between Beijing and Washington ahead of a looming August deadline.
Exports rose 5.8 percent year on year in June, beating forecast, while imports rebounded 1.1 percent following a 3.4 percent decline in May.
Markets are now watching second-quarter GDP data due on Tuesday, which is projected to grow 5.1 percent, according to a poll of economists.
China's economy is now on track to achieve its 5 percent annual growth target, but might face growing pressure as upcoming US tariffs loom, according to analysts at BOC International.
"We recommend paying attention to the July Politburo meeting's guidance on economic growth prospects for the second half of the year and the deployment of growth stabilization measures. We temporarily maintain our optimistic view on risk assets," they said.
Leading gains in the mainland on Monday was the banking sector, which climbed 0.5 percent to recoup some of Friday's loss. The energy sector added 1 percent.
However, the property sector slipped 1.4 percent, continuing to pare last week's rally, which was spurred by speculation about potential stimulus measures.
There has been some noise saying that the central government may have new policies coming out to stimulate the markets nationwide, but "we believe that upcoming demand-side property market easing measures are likely incremental instead of large-scale," analysts at Goldman Sachs said in a note on Monday.
Around the region, sentiment was weak as the latest salvo of threats in the US tariff wars kept investors on edge, though there were still hopes it was mainly a bluster by President Donald Trump. (Reuters/Xinhua)
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