Mainland and Hong Kong stocks rose on Monday, led by consumer shares, though gains were limited by weakness in tech plays.

The benchmark Hang Seng Index rose 269 points, or one percent, to 25,937 on turnover of HK$240.28 billion, driven by consumer and property shares, while chipmakers and AI stocks sank.

The tech index rose 61 points, or 1.3 percent, to 4,919 while the China Enterprises Index gained 90 points, or 1.1 percent, to 8,621.

Up north, the Shanghai Composite Index closed up 26 points or 0.7 percent, at 3,966 on turnover of almost 1.17 trillion yuan after hitting a three-week high.

The Shenzhen Component Index inched up five points, or 0.04 percent, to 14,316 on turnover near 1.36 trillion yuan while the ChiNext Index fell 25 points, or 0.7 percent, to 3,537 on turnover of 657.87 billion.

Poultry, dairy and precious metals sectors led gains while co-packaged optics and non-metal materials recorded the sharpest declines.

Analysts say there are signs money has been rotating into traditional sectors following the recent sell-off in AI-related shares.

The CSI 300 Consumer Staples Index jumped nearly three percent while an index of real estate stocks gained two percent.

Tech shares slid further. The CSI 300 Telecommunication Services Index plunged 3.5 percent, the CSI AI Index declined three percent while the Cloud Computing Index lost two percent.

In Tokyo, the Nikkei share average climbed 1,363 points, or 2.08 percent, to 66,970, its highest close since July 15, led by AI and chip-linked stocks after Wall Street's rally on Friday, though worries over ⁠the Middle East kept a lid on broader gains. The broader Topix rose 25 points, or 0.63 percent, to 4,100.

In Seoul, the Kospi closed up 40 points, or 0.65 percent, at 6,299 after rising as much as nearly two percent earlier in the session. (Reuters & Xinhua)


Edited by Aaron Tam