Hong Kong Stocks Lead Gains in Asian Market Amid U.S. Economic Optimism

Hong Kong stocks surged on Monday, leading the Asian market thanks to optimism about the U.S. economy avoiding a recession. Shanghai-listed banks also saw record highs, supported by state backing. Chinese bank stocks and gold miners exhibited significant gains, driven by positive investor sentiment.

Hong Kong stocks surged on Monday, spearheading gains in the Asian market. Investors were buoyed by optimism surrounding the U.S. economy's potential avoidance of a recession, while signs of state support propelled Shanghai-listed banks to record highs.

Hong Kong's Hang Seng Index concluded the day up 0.8%, reaching 17,569.57. In Shanghai, the Composite index rose by 0.49% to 2,893.67, bolstered by generous dividend yields and strong blue-chip ETF inflows.

China's banking sector performed notably well, with Shanghai-listed shares of the Agriculture Bank of China hitting a record high and the Industrial and Commercial Bank of China rising 2%, marking its ninth consecutive session of gains. Additionally, gold miners such as Chifeng Jilong and Hunan Gold Corp saw substantial gains as bullion prices neared record levels.

(With inputs from agencies.)