The Hang Seng gained 132 points, or 0.7%, to close at 20,198 on Monday, marking its second consecutive growth session amid widespread gains.
Hang Seng up on US-Colombia deal, tech gains
Market sentiment was bolstered by news that the US and Colombia resolved trade tensions, with Bogotá agreeing to all terms set by President Trump in a migrant dispute. Optimism grew as three Chinese insurers received regulatory approval to invest CNY 52 billion in stocks. Additionally, the excitement surrounding DeepSeek, a Chinese AI known for its cost-efficient models, lifted tech stocks such as Kuaishou Tech (+3.8%). However, gains were trimmed due to a sharp decline in US futures ahead of key tech earnings and expected interest rate decisions from major central banks, including the Fed.
China PMI disappoints, Laopu Gold leads gains
In China, official PMI data fell short, with factory activity contracting and services growth slowing ahead of the Spring Festival. Among the top gainers were Laopu Gold (+11.2%), SenseTime Group (+6.6%), and Kingsoft (+4.2%).
