Hong Kong stocks leapt 1.6 percent to their highest for about 11 weeks on the hopes of the further easing of Sino-US trade tensions and China’s curbs on rare earth exports.
Awaiting a new round of trade talks between China and the United States, Hong Kong’s market benchmark Hang Seng Index ended Monday at 24,181 points, 1.6 percent or 388 points higher than the previous close.
Monday's session closed at the high and saw the benchmark at its highest level since March 20.
The full-day main board turnover amounted to HK$245.82 billion.
The Hang Seng Tech Index extended gains by about 2.8 percent after closing at 5,433. The Hang Seng China Enterprises Index grew by 1.7 percent to 8,780.
China Rare Earth (0769) surged 60 percent to HK$0.68 per share after China’s Ministry of Commerce said it has approved some applications for rare earth exports and will continue to strengthen the review of applications that comply with the country’s regulations.
The US is seeking a deal with China on rare earth element exports today.
Three new eligible stocks for the Stock Connects linking mainland investors hit a record high. Chinese toy maker Bloks (0325) soared 22 percent to HK$193.30. Fruit tea giant Mixue Group (2097) advanced by 5.4 percent to HK$565.50, and bubble tea chain Guming (1364) rose 4 percent to HK$27.65.
Chinese toy blind box giant Pop Mart International (9992) continues to be chased after by investors, climbing 2.45 percent to a fresh all-time high of HK$250.80.
New HSI constituents Midea (0300) dipped 0.07 percent while ZTO Express (2057) rose 4.17 percent.
BYD (1211), however, fell for the third consecutive trading day, sliding by 1.6 percent today despite being included in the tech gauge.
In mainland China, the Shanghai Composite Index rose to as high as 3,402 points, before closing 0.43 percent higher at 3,399 on Monday. The Shenzhen Component Index also gained 0.65 percent to close at 10,250.
STAFF REPORTER
