The Hang Seng Index rose 482 points or 2.13% to 23,153 in the morning session, recrossing the 23,000 level after losing 1,252 points the previous week and falling below that threshold. The index opened 155 points higher at 22,827, then surged to a session high of 23,183 with a maximum gain of 511 points before closing near highs at midday. Technology and pharmaceutical stocks drove the market rebound, with the Hang Seng Tech Index climbing 156 points or 3.68% to 4,412 and the H-Share Index gaining 209 points or 2.81% to 7,670.
Hang Seng Index Posts 482-Point Midday Gain
The Hang Seng Index opened 155 points higher at 22,827 and consolidated around the 22,800 level in early trading before accelerating gains. The index reached a session high of 23,183 with a maximum advance of 511 points before closing the morning session at 23,153, up 482 points or 2.13%. Market turnover for the half-day session totaled HK$172.926 billion. Northbound capital recorded a net inflow of HK$720 million.
Technology Stocks Lead Market Recovery
Technology stocks were the primary drivers of the market's upward movement. Baidu (09888) rose 7.1% to HK$105.8 after reports that its Kunlun chip unit is targeting a listing valuation of US$50 billion (approximately HK$390 billion). Meituan (03690) gained 7.5% to HK$69.05 after Chief Financial Officer Chen Shaohui stated the company's value is severely underestimated and announced plans for share buybacks. JD.com (09618) advanced 5.2% to HK$101, while Tencent (00700) climbed 4% to HK$428.2. Alibaba (09988) rose 6.1% to HK$95, and Xiaomi (01810) increased 3.4% to HK$22.14.
Among financial stocks, HSBC (00005) declined 1.2% to HK$146, while AIA (01299) gained 2.1% to HK$72.3. Lenovo Group (00992) fell 9.6% to HK$21.18, making it the worst-performing blue chip in the morning session. Sunny Optical (02382) dropped 2.7% to HK$59.25.
Pharmaceutical Sector Records Strong Gains
The pharmaceutical sector demonstrated strong momentum. CSPC Pharma (01093) surged 10.5% to HK$7.39, while Innovent Bio (01801) climbed 7.5% to HK$80.8, making them the two best-performing blue chips in the morning session. China Biopharm (01177) rose 7% to HK$4.56. WuXi AppTec (02359) advanced 5.4% to HK$153.2, and WuXi Biologics (02269) gained 6.9% to HK$35.32. Hansoh Pharma (03692) increased 6% to HK$30.38.
Three New Stocks Debut on Hong Kong Exchange
Three new stocks began trading. Insurance technology company Pigeon Online (02672) surged 3.2 times to HK$65.2. Biopharmaceutical company Laekna (09637) doubled to HK$45.32. Optical interconnect product provider Hailight (01191) rose 45.5% to HK$165.9.
FAQ
What caused the Hang Seng Index to rise in the morning session?
The Hang Seng Index rose 482 points or 2.13% to 23,153 in the morning session, driven primarily by gains in technology and pharmaceutical stocks. The index rebounded after losing 1,252 points the previous week and falling below the 23,000 level.
Which stocks performed best in the Hong Kong market morning session?
CSPC Pharma (01093) and Innovent Bio (01801) were the best-performing blue chips, rising 10.5% to HK$7.39 and 7.5% to HK$80.8 respectively. Among technology stocks, Meituan (03690) gained 7.5% to HK$69.05 after announcing share buyback plans, and Baidu (09888) rose 7.1% to HK$105.8 following reports of its Kunlun chip unit's listing plans.
How did newly listed stocks perform on their first trading day?
Three new stocks debuted with strong gains. Pigeon Online (02672) surged 3.2 times to HK$65.2, Laekna (09637) doubled to HK$45.32, and Hailight (01191) rose 45.5% to HK$165.9.
