Hong Kong stocks rose at midday, with the Hang Seng Index gaining 361 points or 1.57% to close the morning session at 23,416. The rally followed overnight gains in US markets as Federal Reserve interest rate hike expectations cooled, with the Dow Jones hitting a new high, while the China Golden Dragon Index fell 1.77%. The Hang Seng Index opened 185 points higher at 23,240 and extended gains to as much as 461 points, reaching 23,516 and crossing above the 10-day moving average at 23,257, before paring some gains.
Hang Seng Index Gained 361 Points at Midday Session
The Hang Seng Index opened 185 points higher at 23,240 and rallied to a session high of 23,516, up 461 points, crossing above the 10-day moving average at 23,257. The index later pulled back to a low of 23,226, up only 171 points, before closing the morning session at 23,416, up 361 points or 1.57%.
The Hang Seng China Enterprises Index rose 125 points or 1.65% to 7,737. The Hang Seng Tech Index gained 90 points or 2.03% to 4,544.
Half-day market turnover reached HK$166.08 billion. Northbound capital recorded a net inflow of HK$4.136 billion.
Major Blue-Chip Stocks Posted Gains
Hong Kong Exchanges and Clearing (00388) rose 1.9% to HK$374.4. HSBC Holdings (00005) gained 0.7% to HK$150.6. AIA Group (01299) advanced 1.4% to HK$73.8. Contemporary Amperex Technology (03750) increased 0.7% to HK$685.5.
Lenovo Group (00992) fell 3.1% to HK$21.34, making it the worst-performing blue-chip stock in the morning session.
Zijin Mining Led Blue-Chip Gains with 9.5% Rise
Gold and metal stocks attracted buying interest as international gold prices rose over 1%. Zijin Mining (02899) surged 9.5% to HK$30.86, becoming the best-performing blue-chip stock at midday. Zijin Gold International (02259) jumped 15.2% to HK$108.6. Zhaojin Mining (01818) climbed 10.2% to HK$19.17. Lao Pu Gold (06181) gained 7.4% to HK$387.2. China Molybdenum (03993) rose 7.2% to HK$16.22.
BYD Extended Gains by 5.7% Following Previous Session's 8% Rise
BYD (01211), which rose over 8% in the previous session, continued its rally with a 5.7% gain to HK$82.8.
Tech Stocks Posted Mixed Performance at Midday
Tencent (00700) rose 1.6% to HK$437.2. Alibaba (09988) gained 0.3% to HK$94.75. Baidu (09888) advanced 2.2% to HK$112.4. Xiaomi (01810) climbed 3% to HK$23.28. JD.com (09618) increased 2.2% to HK$105.1. NetEase (09999) rose 3.4% to HK$206.8.
Chip stocks showed mixed results. SMIC (00981) fell 0.4% to HK$80.05. Hua Hong Semiconductor (01347) rose 0.3% to HK$186.6.
Kuaishou Received US$3 Billion Investment in Keling AI
Kuaishou Technology (01024) saw volatile trading after its Keling AI unit received a US$3 billion investment from investors. The stock rose as much as 6.9% before reversing to fall as much as 2.7%. At midday, Kuaishou closed 0.8% higher at HK$42.96.
XunCe and Wuyi Shijie Announced Discounted Share Placements
XunCe (03317) announced a 13% discounted share placement and the issuance of RMB1.36 billion in convertible bonds. The stock fell 4.9% at midday to HK$117.7.
Wuyi Shijie (06651) announced a 12% discounted share placement to raise HK$400 million. The stock declined 2.8% at midday to HK$80.85.
FAQ
What caused the Hang Seng Index to rise at midday?
The Hang Seng Index rose 361 points or 1.57% to 23,416 at midday following overnight gains in US markets as Federal Reserve interest rate hike expectations cooled, with the Dow Jones hitting a new high.
Which stock was the best-performing blue-chip at midday?
Zijin Mining (02899) was the best-performing blue-chip stock at midday, surging 9.5% to HK$30.86 as gold and metal stocks attracted buying interest following a rise of over 1% in international gold prices.
How much did Kuaishou Technology's Keling AI unit receive in investment?
Kuaishou Technology's Keling AI unit received a US$3 billion investment from investors, causing the stock to trade volatarily before closing the morning session 0.8% higher at HK$42.96.
