Hong Kong Shares Rise Amid Positive Asian Market Momentum

Hong Kong shares surged on Monday, driven by optimism that the U.S. economy may avoid a recession and signs of government support boosting Shanghai-listed banks to record highs. The Hang Seng Index rose by 1.06%, with notable performances from banking stocks and gold miners benefiting from high bullion prices.

Hong Kong shares experienced a significant uptick on Monday, mirroring the positive sentiment in wider Asian markets spurred by optimism over the U.S. economic outlook. The Hang Seng Index rose 1.06%, reaching 17,614.62 at midday.

In Shanghai, government-backed moves bolstered banking stocks, with the Shanghai Composite index increasing by 0.53% and the blue-chip CSI300 index climbing 0.41%. Shares of Agriculture Bank of China surged to record highs, while China Construction Bank and Industrial and Commercial Bank of China saw substantial gains.

Gold mining companies including Chifeng Jilong, Hunan Gold Corp., and Zhongjin Gold also benefited from near-record bullion prices. Additionally, JD Health International Inc's H-shares soared by 7.46% following positive quarterly results from JD.com, adding to the market's upbeat mood. Investors remain cautious about the broader economic outlook, anticipating potential U.S. rate cuts amid market volatility.

(With inputs from agencies.)