The Hong Kong stock exchange experienced a rebound on Monday, breaking its six-day losing spell during which it plunged over 1,610 points or 7.6 percent. The Hang Seng Index now stands slightly above 19,575 and is anticipated to maintain this upward momentum on Tuesday. The global market outlook for Asia is tentatively positive, driven by expected gains in technology and oil sectors. Both European and U.S. markets observed upward trends, which bodes well for Asian markets as well. On Monday, the Hang Seng saw moderate gains, particularly from the financial and entertainment sectors, although results were mixed across property and technology companies. The index closed with an increase of 150.27 points or 0.77 percent, settling at 19,576.61, fluctuating between 19,470.43 and 19,781.08 during the session.
In terms of individual stocks: Alibaba Group declined by 1.03 percent, and Alibaba Health Info dipped 0.26 percent. ANTA Sports dropped 0.31 percent, while China Life Insurance gained 1.30 percent. China Mengniu Dairy decreased by 0.83 percent, whereas China Resources Land advanced by 1.06 percent. CITIC achieved a 1.37 percent rise, CNOOC grew by 1.31 percent, and both CSPC Pharmaceutical and Techtronic Industries saw a minor drop of 0.19 percent. Galaxy Entertainment inched up by 0.31 percent, but Haier Smart Home fell sharply by 3.04 percent. Hang Lung Properties fell 0.47 percent, Henderson Land decreased 1.20 percent, and Hong Kong & China Gas fell by 1.00 percent. The Industrial and Commercial Bank of China enjoyed a significant surge of 3.04 percent, while JD.com rose by 3.62 percent. In contrast, Lenovo fell by 2.07 percent, Li Auto increased by 0.74 percent, Li Ning declined by 0.37 percent, and Meituan dropped 0.35 percent. New World Development tumbled by 1.52 percent, Nongfu Spring rose by 1.94 percent, Xiaomi Corporation spiked 2.86 percent, and WuXi Biologics fell by 1.07 percent.
In the U.S., the markets showed a mild upside, with major indexes opening in different directions on Monday and fluctuating within a tight range, ultimately ending mixed. The Dow Jones fell by 55.39 points or 0.13 percent, closing at 43,389.60. Conversely, the NASDAQ increased by 111.69 points or 0.60 percent to 18,791.81, and the S&P 500 rose by 23.00 points or 0.39 percent to 5,893.62.
Wall Street's gains were propelled by bargain hunting, as investors seized the opportunity to acquire stocks at lower prices following last week's significant decline tied to interest rate concerns.
In U.S. economic developments, the National Association of Home Builders revealed a greater than expected rise in homebuilder confidence for November, reaching its highest level since April.
Oil prices rose on Monday amid concerns about potential supply shortages stemming from the escalating Russia-Ukraine conflict, alongside a weakening U.S. dollar. This scenario resulted in West Texas Intermediate Crude oil futures for December settling higher by $2.14 or 3.2 percent, reaching $69.16 a barrel.