Hong Kong Stocks May Pause as Global Markets Turn Weak

The Hang Seng Index has climbed more than 825 points in the past two sessions, settling at 25,829.91 on Monday. The rally was powered by property and tech stocks, with companies like Alibaba, JD.com, Lenovo, and Galaxy Entertainment seeing strong gains.

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Key Movers in Hong Kong

Alibaba Group surged 5.51%, JD.com jumped 4.28%, Lenovo rose 4.10%, and Galaxy Entertainment spiked 5.59%. Other notable gainers included New World Development (+5.10%), Meituan (+3.29%), and CSPC Pharmaceutical (+3.24%). However, a few financial names like China Life Insurance (-0.16%) and ICBC (-0.34%) slipped slightly.

Wall Street’s Weak Hand

Wall Street ended lower on Monday, dragging sentiment across Asia. The Dow Jones fell 349 points (-0.77%), the S&P 500 dropped 0.43%, and the Nasdaq eased 0.22%. Profit-taking drove the sell-off after Friday’s rally, which was fueled by Fed Chair Jerome Powell’s hint at possible rate cuts next month.

Crude Oil Prices Climb

Oil prices moved higher on supply concerns. West Texas Intermediate crude for October delivery rose 1.89% to $64.86 per barrel, supported by worries that Western sanctions on Russian oil may persist longer than expected.

Hong Kong Trade Data Ahead

Locally, investors will be watching July trade data for imports, exports, and balance of trade. In June, imports grew 11.1% year-on-year, exports increased 11.9%, and the trade deficit stood at HKD 58.9 billion.

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