Hong Kong stocks climbed 71 points, or 0.3%, to 25,762 in Monday morning trade, hitting their highest level in over one week and gaining for a fourth straight session. The move tracked an upbeat session on Wall Street, as technology stocks outperformed due to re-ignited optimism around AI-related shares. Sentiment was also supported by the PBoC’s decision to keep key lending rates at record lows for a seventh straight meeting, as the economy remains on track to meet this year’s growth target. News that ByteDance had struck a deal with three major investors to form a joint venture to operate TikTok’s US app continued to lift sentiment. Most sectors traded in the green, including non-energy minerals, manufacturing, and tech services. Among the top performers were Semiconductor Manufacturing International Corp (+4.2%), Zijin Mining Group (+3.6%), Pop Mart International Group (+3.4%), Li Auto (+2.9%), and Baidu (+1.7%).
