Hong Kong stocks rise as Hang Seng Index surges over 400 point
Following a four-month streak of gains, the Hong Kong stock market has continued its upward momentum into September. The Hang Seng Index opened strongly, climbing by 430 points or 1.71% to reach 25,508 points. Meanwhile, the Hang Seng China Enterprises Index rose by 136 points, equivalent to a 1.52% increase, settling at 9,084 points. The Technology Index also experienced a boost, gaining 117 points or 2.07% to stand at 5,792 points.
Technology stocks exhibited robust performance across the board. Tencent saw an increase of 1.4%, while Alibaba surged by an impressive 14.9% following its earnings report. Conversely, Meituan experienced a decline of 1.1%. Xiaomi Group climbed by 1.6%, JD Group rose by 2.2%, and Kuaishou added 1.3% to its value.
In the financial sector, stocks remained relatively stable. HSBC Holdings showed no significant movement, while AIA Group increased by 1.5%, China Ping An rose by 1.2%, and the Hong Kong Stock Exchange added 0.8% to its value.
Automotive stocks displayed mixed results. BYD saw a sharp decline of 8% following its earnings announcement, whereas Geely Automobile managed to rise by 1.4%. Xpeng Motors, however, faced a drop of 1.4%.
Source : Dimsumdaily.hk
