Hang Seng Rises, Alibaba Leading the Rise
The Hang Seng Index rose 1.6% to 23,026.68 on Monday (June 29th). This was the biggest daily gain since June 12th, when the index rose 1.9%. This positive movement followed a 1.8% decline in the previous session.
Alibaba Group Holding was the biggest driver of the index's rise, with its shares rising 3.9%. Meanwhile, CSPC Pharmaceutical Group recorded the sharpest gain, rising 6.9%. Overall, the majority of stocks in the index rose.
Of the 93 stocks in the Hang Seng Index, 73 rose, while 17 fell. All sectors moved positively, with the trade and industrial sectors being the main drivers. This indicates widespread buying activity in the Hong Kong stock market.
Despite strengthening in today's trading, the Hang Seng's performance remains under significant pressure. Throughout the quarter, the index fell 7.1% and is poised for its biggest quarterly decline since the second quarter of 2023. In the past month, the Hang Seng has also weakened 8.6%, while in the past five days it has fallen 3.1%.
In the past 52 weeks, the Hang Seng is still down 5.2%, far lagging behind the MSCI AC Asia Pacific Index, which rose 34% over the same period. The index is also still 17.9% below its high on January 29, 2026, although it is 2.3% above its low on June 26, 2026. The 30-day price volatility has risen to 18.77%, indicating that the Hong Kong market remains quite volatile.(asd)
Source: Newsmaker.id
