Asia
Hong Kong Stocks Rebound as US-Iran Ceasefire Breakthrough Eases Oil Flow Fears; Five Firms File for IPO
Hong Kong stocks rebounded Monday, recovering from last week's tech selloff, after Iran and the U.S. agreed to halt attacks and resume talks, lifting hopes for de-escalation and easing concerns over oil flows through the Strait of Hormuz.The Hang Seng Index rose by around 354.82 points, or roughly 1.6%, to end at 23,026.68, while the Hang Seng China Enterprises Index increased by 144.50 points, or 1.9%, to end at 7,605.34.Rhetoric between Iran and the U.S. intensified this past week after both sides accused each other of violating an interim ceasefire.However, officials are now scheduled to meet in Qatar on Tuesday to resume technical talks to end hostilities in the region and agreed to let vessels pass through the vital Strait of Hormuz, Reuters reported.Investors also reacted to data demonstrating an accelerated pace of profit growth across China's major industrial enterprises during the first five months of the year.Profits of China's major industrial firms grew 18.8% year over year to 3.14 trillion yuan during the first five months of the year, according to data from the National Bureau of Statistics on Saturday.In corporate news, five firms filed to go public in Hong Kong.Among the future debutants, Momenta Global (HKG:6880) is seeking to raise about HK$5.89 billion to enhance its core autonomous driving technologies, while EACON Group (HKG:7687) is targeting HK$2.23 billion to expand its hardware and software capabilities.Elsewhere, BASiC Semiconductor (HKG:9971) is seeking to raise up to HK$866 million to expand its production base and Reconova Technologies (HKG:7656) is eyeing about HK$608.4 million for product iteration and new product development.Also among the list, DKE Holding (HKG:1770) launched its Hong Kong IPO to raise up to HK$517.5 million to advance the intelligentization of its production bases.
Hang SengHKG:1770HKG:6880HKG:7658HKG:7687HKG:9971
