The Hong Kong stock market rebounded on Monday, breaking a two-day downturn during which it lost over 140 points, equating to a decline of 0.7 percent. Currently, the Hang Seng Index stands marginally above the 19,880 mark, with expectations of further gains on Tuesday.
The outlook for Asian markets is optimistic, with technology shares anticipated to drive growth. In contrast to the flat performance in European markets, U.S. markets experienced an uptick, likely influencing Asian stocks to follow that positive trajectory.
On Monday, the Hang Seng Index saw a modest rise, buoyed by advances in sectors such as financials, real estate, technology, and oil. By the day's end, the index rose by 162.43 points, or 0.82 percent, finishing at 19,883.13, with intraday fluctuations ranging between 19,746.46 and 19,937.39.
Key performers included Alibaba Group, which increased by 1.12 percent, and Alibaba Health Info, which surged by 1.47 percent. ANTA Sports saw a slight decline of 0.50 percent, while China Life Insurance gained 0.96 percent. China Mengniu Dairy was up by 1.25 percent, and China Resources Land grew by 0.90 percent. CITIC rose by 1.49 percent, and CNOOC experienced a robust gain of 2.23 percent. Conversely, CSPC Pharmaceutical edged down by 0.21 percent, and Galaxy Entertainment saw a small decrease of 0.15 percent. Haier Smart Home gained 0.93 percent. Hang Lung Properties and Xiaomi Corporation both reported a 0.32 percent increase. Henderson Land declined by 0.43 percent, Hong Kong & China Gas improved by 0.82 percent, and the Industrial and Commercial Bank of China surged by 4.96 percent. JD.com climbed 1.60 percent, Lenovo edged up by 0.21 percent, Li Auto increased by 0.59 percent, but Li Ning and Meituan declined by 1.08 percent and 1.89 percent, respectively. New World Development advanced 0.77 percent, Nongfu Spring grew 0.29 percent, Techtronic Industries fell by 0.68 percent, and WuXi Biologics advanced significantly by 2.12 percent.
In the U.S., Wall Street presented a positive picture. The major indices opened steadily on Monday but progressed into positive territory as the session continued. The Dow Jones Industrial Average added 66.69 points, rising 0.16 percent to 42,906.95. The NASDAQ saw a substantial increase of 192.29 points, or 0.98 percent, closing at 19,764.88. Meanwhile, the S&P 600 gained 43.22 points, marking an increase of 0.73 percent to reach 5,974.07.
The technology-focused NASDAQ's surge was largely driven by a rally in semiconductor stocks, alongside notable growth in computer hardware equities.
Overall trading was relatively muted as traders appeared cautious about undertaking more substantial investments, given the likelihood of a serene week due to the Christmas holiday falling on Wednesday.
In economic developments, the Commerce Department announced that new orders for U.S. manufactured durable goods fell more sharply than anticipated in November. Additionally, the Conference Board reported an unexpected decline in consumer confidence in December.
Oil futures closed lower on Monday amid concerns of potential oversupply in the market, further pressured by a stronger dollar. West Texas Intermediate crude futures for February dropped $0.26, or 0.3 percent, settling at $69.20 per barrel.