Hong Kong's main Hang Seng index rose to a more than one-week high by lunch break on Monday, as strength in overseas markets provided support, with banks and financial stocks leading the charge, while China's H-shares index climbed to an over two-week high.
Chinese financial stocks rose after their strong quarterly performance, while expectations of an interest rate raise also gave the sector a boost, while many investors stayed on the sidelines for hints from China-US trade talks, traders said.
By lunch break, the Hang Seng index was up 458.09 points or 1.51 percent at 30,738.76. The Hang Seng China Enterprises index rose 2.06 percent to 12,314.56. The sub-index of the Hang Seng tracking energy shares edged up 0.1 percent while the IT sector rose 1.01 percent, the financial sector was 2.03 percent higher and property sector rose 2.03 percent.
The top gainer on Hang Seng was BOC Hong Kong Holdings Ltd, up 4.7 percent, while the biggest loser was China Mengniu Dairy Co Ltd, which was down 3.02 percent. The top gainers among H-shares were Zhuzhou CRRC Times Electric Co Ltd, up 5.92 percent, followed by China Merchants Bank Co Ltd, gaining 5.5 percent, and Anhui Conch Cement Co Ltd up 4.6 percent. The three biggest H-shares percentage decliners were BYD Co Ltd, which was down 5.94 percent, China Shenhua Energy Co Ltd, which fell 2.7 percent, and CSPC Pharmaceutical Group Ltd down 0.98 percent.
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