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<H Shrs>HSI Mounts 309 pts at Midday, Led by Oils & Financials; BABA Hikes 5%
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HSI lifted 309 points or 1.8% to 17,331 at half-day. HSCEI increased 109 points or 1.8% to 6,120. HSTECH inclined 61 points or 1.8% to 3,505. Half-day turnover totalled $45.582 billion. Oil stocks rose, SINOPEC CORP (00386.HK) and CNOOC (00883.HK) gained 2.1% and 3.3%, while oil service company CHINA OILFIELD (02883.HK) added 3%. Chinese banks and insurers performed well. CCB (00939.HK), ABC (01288.HK), ICBC (01398.HK), CM BANK (03968.HK), BANK OF CHINA (03988.HK) and PSBC (01658.HK) ascended 1.5% to 2.3%. BANKCOMM (03328.HK) elevated 2.9%. PING AN (02318.HK), CHINA LIFE (02628.HK), PICC GROUP (01339.HK) and PICC P&C (02328.HK) mounted 1.7% to 2.5%, while ZA ONLINE (06060.HK) lifted 3.3%. Financial stocks elevated. HSBC HOLDINGS (00005.HK) and HANG SENG BANK (00011.HK), which would announce their results this week, escalated 1.3% and 2.3%, while HKEX (00388.HK) and AIA (01299.HK) climbed 1.6% and 2.2%. Prospects of interest rate cuts fueled the advance for property and utility stocks, with NEW WORLD DEV (00017.HK), LINK REIT (00823.HK), CK ASSET (01113.HK) and SWIREPROPERTIES (01972.HK) rising 1.5% to 2.6%, and CLP HOLDINGS (00002.HK) and HK & CHINA GAS (00003.HK) elevting 1.8% to 1.9%. For tech stocks, BABA-SW (09988.HK) surged 5.3% to $76.95 after Alibaba Cloud's technology was used to broadcast the Olympics. TENCENT (00700.HK) lifted 1.7%, as MEITUAN-W (03690.HK), JD-SW (09618.HK), BIDU-SW (09888.HK) and KUAISHOU-W (01024.HK) increased more than 2%. XIAOMI-W (01810.HK) and BILIBILI-W (09626.HK) elevated 4.3% and 2.9%. Chip equipment stock ASMPT (00522.HK) rebounded 3.8%. In other stocks, EVERG VEHICLE (00708.HK) shares plunged 7.5% after two of its subsidiaries were filed for bankruptcy reorganisation by their creditors, affecting production and operations. FUYAO GLASS (03606.HK) crashed 7.8% after its US subsidiary was searched by a local government agency, but said the subsidiary was not the target of that investigation. Peer FLAT GLASS (06865.HK) tumbled 5.3%. AAStocks Financial News |
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