Hong Kong stocks rallied during the morning trading session, with the Hang Seng Index rising over 400 points and reclaiming the 20-day moving average, driven by gains in mainland banking stocks and tech stocks. The index opened up 44 points at 23,541 and reached an intraday high of 23,975, up 478 points. As of 10:40 AM, the Hang Seng Index stood at 23,884, up 387 points or 1.65%, while the Hang Seng China Enterprises Index gained 2.26% and the Hang Seng Tech Index rose 2.24%. The rally followed overnight pressure on US markets, where the Nasdaq fell 1.16% due to semiconductor stock selloffs and rising international oil prices.
Hang Seng Index Gains Over 400 Points Led by Banking and Tech Stocks
The Hang Seng Index opened up 44 points at 23,541, marking the intraday low. Buying momentum accelerated rapidly, pushing the index to an intraday high of 23,975, up 478 points. As of 10:40 AM, the index traded at 23,884, up 387 points or 1.65%. The Hang Seng China Enterprises Index rose 175 points or 2.26% to 7,945, while the Hang Seng Tech Index gained 100 points or 2.24% to 4,607. The index reclaimed the 20-day moving average at 23,757 points after closing down 119 points in the previous session.
Tech Stocks Rally Across Board
Tech stocks posted broad gains during the session. Tencent (00700) rose 2.8% to HK$473.6, while Alibaba (09988) gained 3.2% to HK$98.9. Meituan (03690) advanced 1.4% to HK$79.45, and Baidu (09888) climbed 2.8% to HK$113.7. JD.com (09618) increased 2.6% to HK$107.2, and Xiaomi (01810) rose 2.9% to HK$23.8. NetEase (09999) gained 3.1% to HK$211.6. Kuaishou (01024), which plunged 12% in the previous session, rebounded 3.8% to HK$41.96.
Mainland Banking Stocks Surge
Mainland banking stocks attracted buying interest. China Construction Bank (00939) surged 4.6% to HK$8.19, while Bank of China (03988) rose 4.4% to HK$5.03. Industrial and Commercial Bank of China (01398) gained 4% to HK$6.75.
Oil Stocks Rise on Price Recovery
Oil stocks advanced as international oil prices recovered. CNOOC (00883) jumped 5.3% to HK$22.22, PetroChina (00857) rose 3.2% to HK$9.23, and Sinopec (00386) gained 1.5% to HK$4.14.
Lenovo (00992) surged 5.5% to HK$22.02, becoming the best-performing blue chip stock during the session.
Zhipu AI Surges 14.7% on Lockup Expiry
Zhipu AI (02513) soared 14.7% to HK$1,846 on the day its lockup period expired. According to a report by China National Radio citing Zhipu sources, multiple institutional investors explicitly stated their long-term confidence in the company and commitment to continue holding shares.
FAQ
What drove Hong Kong stocks higher during the morning session?
Mainland banking stocks and tech stocks led the rally. The Hang Seng Index rose 387 points or 1.65% to 23,884 as of 10:40 AM, driven by gains in China Construction Bank (+4.6%), Tencent (+2.8%), and Alibaba (+3.2%).
Why did Zhipu AI surge 14.7% on its lockup expiry date?
Zhipu AI rose 14.7% to HK$1,846 after multiple institutional investors confirmed their long-term confidence and commitment to continue holding shares, according to China National Radio citing company sources.
