The Hang Seng Index rose 266 points or 1.14% to 23616 today, supported by 20.527 billion HKD in northbound capital inflows. The advance followed last Friday's 295-point gain when the index reclaimed its 10-day moving average, while US markets were closed for Independence Day. Market turnover reached 314.717 billion HKD as 58 of 93 blue-chip constituents posted gains, with tech stocks leading the rally amid sector rotation away from mobile equipment manufacturers.
Hang Seng Index Gains 266 Points Amid Intraday Volatility
The Hang Seng Index opened 54 points higher before declining as much as 120 points to an intraday low of 23229 points. Buyers then drove the index up a maximum of 336 points to reach 23686 points, closing the morning session up 192 points. The index traded in a narrow range during the afternoon session, with gains briefly narrowing to just over 100 points before recovering. The Hang Seng Index closed up 266 points or 1.14% at 23616 points.
The Hang Seng China Enterprises Index rose 112 points or 1.46% to 7812 points. The Hang Seng Tech Index gained 42 points or 0.94% to 4541 points. Total market turnover was 314.717 billion HKD, with northbound capital recording a net inflow of 20.527 billion HKD.
Tech Stocks Lead Blue-Chip Gains
Tech stocks posted broad gains, with Kuaishou (01024) rising 8% to 46 HKD as the best-performing blue chip following reports that its Kling AI division underwent restructuring and introduced external financing for the first time. Tencent (00700) advanced 4.8% to 452 HKD. Alibaba (09988) climbed 2% to 95.95 HKD. Meituan (03690) gained 4.7% to 74.95 HKD.
Baidu (09888) fell 0.4% to 110.5 HKD. JD.com (09618) rose 1.2% to 105.5 HKD. Xiaomi (01810) added 1.4% to 23.28 HKD. NetEase (09999) increased 1.5% to 208.4 HKD. J&T Express (01519) climbed 5.2% to 9.73 HKD.
HSBC (00005) closed flat at 152 HKD. BYD (01211), which had posted gains over multiple consecutive days, declined 0.4% to 83.8 HKD. Geely Automobile (00175) rose 1.9% to 18.64 HKD. Lenovo (00992) dropped 3.9% to 20.46 HKD. Pop Mart (09992) fell 0.4% to 152.7 HKD.
Biotech and Pharma Stocks Rise While Mobile Equipment Sector Declines
Biotech and pharmaceutical stocks rallied, with China Biologic Products (01177) advancing 6.5% to 5.05 HKD. Innovent Biologics (01801) gained 3.1% to 90.5 HKD. CSPC Pharmaceutical (01093) rose 2.9% to 8.23 HKD. Ascletis Pharma (01672) increased 2.2% to 11.79 HKD after submitting two Investigational New Drug (IND) applications to the US FDA for obesity treatments.
Mobile equipment stocks faced significant selling pressure. Sunny Optical (02382) declined 7.2% to 55.7 HKD. BYD Electronic (00285) fell 4.1% to 21.34 HKD, making them the two worst-performing blue chips. AAC Technologies (02018) dropped 6.4% to 39.58 HKD. Hongteng (06088) tumbled 9.6% to 6.14 HKD.
Biren Technology Falls on Discounted Share Placement
Biren Technology (06082) declined 5.4% to 48.54 HKD after announcing a share placement at a 10% discount to raise over 7 billion HKD, though the stock remained above the placement price of 46.2 HKD. H&H International Holdings (01112) surged 18.9% to 13.46 HKD following an announcement that interim profit is expected to increase more than sevenfold.
FAQ
How much did the Hang Seng Index rise today?
The Hang Seng Index rose 266 points or 1.14% to close at 23616 points, with an intraday high of 23686 points and a low of 23229 points.
What was the northbound capital flow into Hong Kong stocks?
Northbound capital recorded a net inflow of 20.527 billion HKD, with total market turnover reaching 314.717 billion HKD.
Which stock was the best-performing blue chip?
Kuaishou (01024) was the best-performing blue chip, rising 8% to 46 HKD following reports that its Kling AI division underwent restructuring and introduced external financing for the first time.
