Hang Seng Index rises 517 points, reclaims 22,000 mark as tech stocks surge
Hang Seng Index rises 517 points, reclaims 22,000 mark as tech stocks surge
(Hong Kong) The Hang Seng Index opened higher by 517 points or 2.4%, reaching 22,080 points, while the China Enterprises Index gained 202 points or 2.54%, reaching 8,152 points. The Technology Index saw a significant rise of 171 points or 3.5%, to reach 5,070 points, driven by optimism surrounding potential progress in the U.S.-China trade war.
Tech stocks led the market rally, with Alibaba climbing 5.8%, Xiaomi up 5.2%, Tencent gaining 3.3%, JD.com rising 3.7%, and Kuaishou advancing 3.8%. Meituan also registered a 2.1% increase.
Financial stocks performed well, with HSBC Holdings up 1.4%, AIA Group rising 1%, Ping An Insurance increasing by 0.6%, and Hong Kong Exchanges and Clearing advancing by 2.3%.
Shares of BYD surged 6.1% following the company’s announcement of plans to issue bonus shares. Meanwhile, Pop Mart rose 4.6% after its quarterly earnings report, setting a new record high.
Hong Kong stocks surged 338 points or 1.6% to a near 10-week peak of 21,904 in Wednesday morning trade, rising for a third straight session. The rally followed a rebound on Wall Street after U.S. President Trump softened his tone on Fed Chair Powell, despite recently posting, “Powell’s termination cannot come fast enough!” Meanwhile, Treasury Secretary Scott Bessent said he expects the U.S. and China to begin de-escalating trade tensions “in the very near future.” On the domestic front, reports suggested Chinese “national team” and retail investors stepped in to support mainland equities. Investors are also closely watching the upcoming Politburo meeting for policy signals, with Citi expecting the session to take place later this week. All sectors rose, led by consumer, tech, and financial stocks. Xiaomi rose 3% after Q1 shipments in China surged 40% to 13.3 million units. Other notable performers included Tencent (3.1%), Smoore Intl. (7.7%), Akeso (7.4%), and Sunny Optical (3.6%).
Source: Dimsumdaily.HK + Trading Economi
