HONG KONG: Hong Kong stocks rallied Monday as weak data on the US services sector and slowing wage growth fuelled hopes the Federal Reserve will further slow down its rate of interest rate hikes.

The Hang Seng Index climbed 1.89 percent, or 396.70 points, to close at 21,388.34.

Hong Kong stocks close slightly lower

The Shanghai Composite Index rose 0.58 percent, or 18.45 points, to 3,176.08, while the Shenzhen Composite Index on China’s second exchange gained 0.68 percent, or 13.95 points, to 2,054.47.