NZ Stocks Bounce Back with Tech-Led Rally

New Zealand's stock market ended Monday on a positive note, rising by 0.6% to close at 13,774. This increase halted losses from the previous session and was mainly driven by gains in the technology, communication services, and real estate sectors.

The broader index followed US stock futures which had also seen an uptick after a strong performance on Wall Street on Friday, led by a rally in tech stocks. Additionally, moderating oil prices eased inflation concerns and reduced expectations of an interest rate hike.

However, traders remained cautious ahead of the release of New Zealand's unemployment data later this week. The recent disappointing China PMI, which showed factory activity growing at its slowest pace in four months, also capped gains.

Among the top movers were Channel Infrastructure (1.5%), Briscoe Group (1.3%), Fisher & Paykel Healthcare (1.1%), Chorus (1.1%), and Freightways Group (1.1%).