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<H Shrs>HSI Ends Midday Up 170 Pts; Handsets Rally w/ XIAOMI-W Rocketing 5%+ to New High
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China's National Development and Reform Commission announced that new subsidies will be offered for purchases of digital products including handsets, boosting the Hong Kong stock market in the morning session. The HSI opened 85 points higher and once peaked at 19,891 with a surge of 268 points. It concluded the midday up 170 points or 0.9% at 19,794. The HSCEI rose 77 points or 1.1% to 7,167. The HSTECH climbed 59 points or 1.4% to 4,417. The total market turnover at midday amounted to $86.485 billion. Handset stocks were stimulated by the subsidy news. XIAOMI-W (01810.HK) spiked 5.6% to $35.9, hitting a new intraday high of $36.25. Its same series KINGSOFT CLOUD (03896.HK) shot up 9.8% to $6.15. Handset component stocks AAC TECH (02018.HK) hiked 5.8%, while Q TECH (01478.HK), BYD ELECTRONIC (00285.HK), and SUNNY OPTICAL (02382.HK) added 3.7-4.5%. E-commerce stocks BABA-W (09988.HK) and JD-SW (09618.HK) advanced 2.1% and 1.8%. Home appliance stock HISENSE HA (00921.HK) leaped 6.8%. Logistics stocks JD LOGISTICS (02618.HK) and SF HOLDING (06936.HK) gained 2.8% and 1.6%. WeChat Mini Shop concept stocks faced pressure in the A-share market. TENCENT (00700.HK) inched down 0.2% to $415.2, while EAST BUY (01797.HK) and WEIMOB INC (02013.HK) opened higher but settled the midday down 6.3% and 6.5%. Among other tech stocks, MEITUAN-W (03690.HK) grew 2.1%, while NTES-S (09999.HK) and BILIBILI-W (09626.HK) edged down 0.7% and 1.9%. SENSETIME-W (00020.HK) eroded 3.5%. Chip stock SMIC (00981.HK) jumped up by 3.1%. As for car makers, GEELY AUTO (00175.HK) aims for profitability and sales breakthroughs in its new energy vehicle business this year. Its stock price swelled 1.4%. NIO-SW (09866.HK) advanced 3.8%, while LEAPMOTOR (09863.HK), GWMOTOR (02333.HK), and LI AUTO-W (02015.HK) ascended 2.2-2.7%. AAStocks Financial News |
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