Hong Kong Stock Market Trend | Hang Seng Index rises 705 points in the first half of the day, Meituan surges 10%, Northbound funds withdraw 11.2 billion

As fighting between the U.S., Iran, and Israel eases, the U.S. and Iran agreed to a conditional ceasefire for two weeks on Tuesday evening, with Tehran to open the Strait of Hormuz. Markets in the Asia-Pacific region, as well as A-shares, followed U.S. stock index futures higher. Hong Kong stocks opened higher today and saw further gains; shortly after the market opened, they returned above the so-called bull-bear line, the 250-day moving average (currently at 25151). Led by tech stocks, the Hang Seng Index’s gain widened to more than 700 points. After the first half of the trading session, it closed up 705 points.

The Hang Seng Index opened 656 points higher, at 25772. It regained the 250-day moving average immediately at the open, and the upside quickly expanded to as much as 755 points, reaching a high of 25872. It then briefly pulled back, with gains narrowing to 552 points, before hitting a low of 25668. Bulls then regrouped, and the market pushed higher again toward the 25800 level. The index closed the morning session up 705 points, or 2.81%, at 25821.

The China Enterprises Index rose 199 points, or 2.35%, to 8656; the Tech Index outperformed, up 206 points, or 4.42%, to 4885.

Total turnover for the morning session was 200.54 billion yuan. Northbound funds net sold 11.25B yuan.

Among 90 blue-chip stocks, 75 rose.

Tech internet stocks led the market higher. Meituan (03690) surged 9.8% to 88.15 yuan, the best-performing blue-chip in the first half; Xiaomi (01810) rose 5.8% to 32.66 yuan; Kuaishou (01024) rose 6.5% to 47.8 yuan; Tencent (00700) rose 3.1% to 504.5 yuan; Alibaba (09988) rose 4.5% to 123.8 yuan; JD.com (09618) rose 2.4% to 110.6 yuan.

Luoyang Molybdenum (03993) rose 9.3% to 18.54 yuan; Pop Mart (09992) rose 7.5% to 152.4 yuan; HSBC (00005) rose 5.3% to 136.9 yuan—one of the two largest European banks with the biggest exposure to Middle East risk; AIA (01299) rose 4.2% to 89.8 yuan. China Bio-Pharm (01177) fell 3.3% to 6.12 yuan; CSPC Pharmaceutical (01093) fell 3.2% to 9.4 yuan.

Key sectors

Oil stocks: Oil prices plunged sharply. CNOOC (00883) fell 3.6% to 26.06 yuan, the weakest blue-chip for the first half; PetroChina (00857) fell 2% to 10.55 yuan.

Aviation stocks: Oil stocks tumbled by more than 10%. China Eastern (00670) rose 8.1% to 4.02 yuan; China Southern (01055) rose 5.7% to 4.28 yuan; Air China (00753) rose 5.4% to 5.06 yuan; Cathay Pacific (00293) rose 4% to 11.87 yuan.

Chip stocks: Pushed higher. SMIC (00981) rose 8.9% to 55.55 yuan; Hua Hong Semiconductor (01347) jumped 14.1% to 90.55 yuan; Tianshu Zhixin (09903) soared 29.5% to 284.6 yuan; Ruitai Technology (06809) rose 11.8% to 195.6 yuan.

Key stocks

Vanke (02202) plans to extend maturing bonds due in April. The share price rose 3.5% in the first half to 2.98 yuan.

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