Hang Seng Index Trend | Morning Session Gains Narrow, Property Stocks Rally

Oil prices retreat, boosting market sentiment. Asia-Pacific stock markets continue to improve, with Hong Kong stocks extending yesterday’s strong performance. This morning, the Hang Seng Index opened higher and rose by over 400 points at one point, surpassing the 26,000 level. The upward momentum then slowed, with early midday gains narrowing to over 100 points.

The Hang Seng Index opened 104 points higher at 25,938, which was the lowest point of the morning. It quickly gained momentum, breaking through the 26,000 level and the 20-day moving average. The index rose as much as 416 points, reaching a high of 26,250 before facing selling pressure. The gains narrowed, and by midday, the Hang Seng closed at 26,088, up 254 points. In the early afternoon, it hovered around the 26,000 level. As of 1:33 p.m., the Hang Seng was at 26,007, up 173 points or 0.67%.

The China Enterprises Index rose 51 points or 0.59%, to 8,868; the Technology Index increased 35 points or 0.7%, to 5,147.

In the afternoon, property stocks gained strength. Longfor Group (00960) rose 5% to HKD 9.45; China Overseas (00688) increased 3.8% to HKD 13.55; China Resources Land (01109) gained 3.4% to HKD 31.56.

Geely Auto (00175) rose 4.7% to HKD 18.87; Pop Mart (09992) increased 4.2% to HKD 217.6; Li Ning (02331) up 4.2% to HKD 20.38.

Technology stocks performed well. Meituan (03690) rose 3.7% to HKD 81.2; Alibaba (09988) increased 2.2% to HKD 136.9; Kuaishou (01024) up 0.8% to HKD 60.5; JD.com (09618) gained 0.8% to HKD 112.4.

HSBC (00005) rose 1% to HKD 125.6; China Mobile (00941) fell 0.2% to HKD 79.95; Hong Kong Exchanges (00388) increased 0.3% to HKD 406.8.

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