China and Hong Kong stocks gain on tech, semiconductor earnings
Stocks in China and Hong Kong got a boost on Monday, mostly thanks to big wins in tech and semiconductor companies after some strong earnings reports.
Indexes like the Shanghai Composite and CSI 300 both rose by 0.8%, but it was the more tech-focused ones that really stood out: Shanghai's STAR 50 shot up 3%, and the CSI Semiconductor Index surged by 4%.
Investors are now waiting for new economic data to see what the data indicate about domestic demand and the broader health of China's economy.
Chipmakers surge, liquor stocks fall
Chipmakers stole the show: memory chipmaker CXMT's shares jumped 9%, while Shenzhen China Micro Semiconductor soared an impressive 15% after nearly doubling its profits.
Over in Hong Kong, the Hang Seng Index climbed by 1.6% and its Tech Index added another 2%.
Meanwhile, consumer-related stocks weren't so lucky: the CSI Liquor Index dropped 3.3% after Kweichow Moutai reported weaker profits, showing not every sector is riding the same wave right now.