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Hang Seng Index Movement | Gains Once Expanded to Over 300 Points, Blue-Chip Stocks Show Resilience
U.S. reports interest in a one-month ceasefire and 15-point agreement talks with Iran; U.S. stock futures rose, oil prices fell over 50% during Asian trading hours, Asia-Pacific stocks and A-shares all gained, Hong Kong stocks continued yesterday’s rebound, with the Hang Seng Index once up over 300 points, outperforming.
The Hang Seng Index opened 216 points higher at 25,280, filling all of Monday’s gaps at the start of trading, staying above the 25,000 level and the so-called bull-bear line at the 250-day moving average (currently at 25,112). The index immediately moved higher, with the market rising as much as 326 points in early trading, reaching a high of 25,390. As of 10:15 a.m., the Hang Seng was at 25,306, up 242 points or 0.97%.
The China Enterprises Index rose 71 points or 0.84%, to 8,571; the Tech Index increased 73 points or 1.51%, to 4,903.
Earnings stocks remain the market focus. Nongfu Spring (09633) reported a 31% profit increase last year, rising 11% to HKD 47.1; Lao Pao Gold (06181) gained 5.1%, to HKD 681.5; WH Group (00288) also up 5.1%, to HKD 9.89, making it one of the top three blue chips. On the other hand, Haidilao (06862) saw a 14% profit decline last year, down 7.8% to HKD 14.74, the worst performer among blue chips. Xiaomi (01810) earned 24% less in the last quarter, but fell only 0.2%, to HKD 32.6.
Oil prices rebounded sharply, CNOOC (00883) fell 4.2%, to HKD 28.2; PetroChina (00857) declined 1.2%, to HKD 10.58.
Technology stocks generally recovered, Alibaba (09988) up 2.3%, to HKD 126; Tencent (00700) up 0.6%, to HKD 517; Kuaishou (01024) rose 1.9% before earnings, to HKD 53.8; JD.com (09618) increased 2.1%, to HKD 109.4.
HSBC (00005) rose 0.3%, to HKD 124; China Mobile (00941) fell 0.4%, to HKD 77.65.
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