Hong Kong Stocks Surge

The Hang Seng Index rose by 0.8 percent to 20,078.94 on Monday with the Tech Index surging by 1.9 percent and the Shanghai Composite Index climbing by 0.5 percent. Key tech companies such as JD.com, Alibaba Group, Tencent, NetEase, EV maker BYD, and Geely saw significant increases in their stock prices. The Hang Seng Index capped another winning month in July, gaining 5.1 percent, as investors were encouraged by China's support for the private sector and efforts to stabilize its economic growth. Tech stocks, particularly, experienced a bull market, rising about 25.5 percent from their recent low in late May, following Beijing's decision to end its crackdown on platform companies. Manufacturing in China showed signs of stabilization in July, with the index rising to 49.3, beating the market consensus of 48.9. The non-manufacturing index, measuring sentiment in the services and construction sectors, eased to 51.5 from 53.2 in June, indicating a contraction in activity when below 50.