US Tech Rebound Boosts Asian Sentiment, But China Data Raises Concerns

Last week, a robust rebound in US technology stocks, particularly the Nasdaq's ascent, provided a positive start for Asian markets. Both Singaporean and Hong Kong stock exchanges recorded modest gains, reflecting investor optimism about a global tech sector recovery. However, the latest manufacturing Purchasing Managers' Index (PMI) data from China, which fell below the 50-point expansion threshold, sparked concerns about a slowdown in regional economic growth. Analysts noted that despite some improvement in external demand, China's domestic structural issues and persistent property market slump could have indirect implications for Southeast Asian exports. The Malaysian market maintained a cautious balance between optimism and these underlying concerns.