Hong Kong stocks extended gains in the morning session, with the Hang Seng Index rising 346 points or 1.37% to 25,657 points, driven by strength in technology and auto stocks. The index opened 176 points higher at 25,487 points and reached an intraday high of 25,744 points, up 434 points, approaching the 250-day moving average at 25,720 points. The rally follows the previous day's 103-point gain, marking consecutive positive sessions for the market.
Hang Seng Index Gains 346 Points in Morning Session
The Hang Seng Index opened at 25,487 points, up 176 points, which marked the session's low point. The index extended gains rapidly, reaching a peak increase of 434 points at 25,744 points before moderating. By the mid-day close, the index stood at 25,657 points, up 346 points or 1.37%.
The Hang Seng China Enterprises Index rose 150 points or 1.79% to 8,587 points. The Hang Seng Tech Index climbed 104 points or 2.2% to 4,834 points. Morning session turnover reached HK$173.039 billion, while Northbound capital recorded a net outflow of HK$4.476 billion.
Tech and Auto Stocks Lead Market Rally
Technology stocks posted strong gains, with Xiaomi (01810) surging 9.2% to HK$31.94. Tencent (00700) rose 4% to HK$465.2, while Alibaba (09988) gained 1.7% to HK$113.9. Meituan (03690) advanced 2.5% to HK$92.55, JD.com (09618) climbed 1.9% to HK$126.5, NetEase (09999) increased 2.4% to HK$204.4, and Baidu (09888) rose 1.2% to HK$102.8.
Auto stocks drove market momentum, with Li Auto (02015) jumping 10.1% to HK$54.7, making it the strongest-performing blue chip. BYD (01211) rose 4.6% to HK$93.95, Geely Auto (00175) gained 6.9% to HK$20.44, and NIO (09866) advanced 4% to HK$38.46.
Nongfu Spring (09633) climbed 7.6% to HK$45.04, Longfor Group (00960) rose 5% to HK$7.09, and Li Ning (02331) increased 4.3% to HK$15.24. HSBC Holdings (00005) declined 0.7% to HK$160.9, Chow Tai Fook Jewellery (06181) fell 4% to HK$290.2 following the previous day's over 20% drop, and Lenovo (00992) decreased 2.9% to HK$22.74.
Chip Stocks Decline Amid Broader Market Gains
Chip stocks continued to face selling pressure. SMIC (00981) fell 7.7% to HK$63.8, marking the session's worst-performing blue chip. ASM Pacific Technology (00522) dropped 7.5% to HK$129 following earnings results. Tianshu Zhixin (09903) declined 13.2% to HK$433.4, and Hua Hong Semiconductor (01347) decreased 8% to HK$127.3.
Youran Dairy Surges on Profit Forecast
Youran Dairy (09858) rose 7.3% to HK$4.12 after announcing an expected interim profit exceeding RMB 730 million.
FAQ
What drove the Hang Seng Index's 346-point gain in the morning session?
The Hang Seng Index's 346-point rise to 25,657 points was driven by strength in technology and auto stocks. Xiaomi surged 9.2%, while Li Auto jumped 10.1%, making it the strongest-performing blue chip. Tencent rose 4%, and BYD gained 4.6%.
Why did chip stocks decline while the broader Hong Kong market rallied?
Chip stocks faced continued selling pressure despite the broader market's gains. SMIC fell 7.7% to become the session's worst-performing blue chip, ASM Pacific Technology dropped 7.5% following earnings results, Tianshu Zhixin declined 13.2%, and Hua Hong Semiconductor decreased 8%.
How did Northbound capital flows perform during the morning trading session?
Northbound capital recorded a net outflow of HK$4.476 billion during the morning session, despite the Hang Seng Index's 346-point gain and morning turnover reaching HK$173.039 billion.
