Hong Kong stocks extended gains in the morning session, with the Hang Seng Index rising 510 points or 2.08% to 25,072, crossing the 25,000 level and reclaiming its 50-day moving average at 24,744 points. The rally was driven by heavyweight technology stocks, with the index briefly reaching an intraday high of 25,155 points before paring gains. The advance follows a three-week winning streak that added 387 points last week, as tech sector strength continued to support broader market momentum.
Hang Seng Index Crosses 25,000 in Morning Session
The Hang Seng Index opened 272 points higher at 24,835, immediately surpassing its 50-day moving average. The index extended gains to a peak of 593 points at 25,155 before settling at 25,072 by mid-day close. The Hang Seng China Enterprises Index rose 223 points or 2.75% to 8,360, while the Hang Seng Tech Index climbed 134 points or 2.91% to 4,757. Morning session turnover reached HK$165.686 billion, with northbound capital recording a net inflow of HK$416 million.
Technology Stocks Lead Market Rally
Technology stocks posted broad gains during the morning session. Alibaba (09988) rose 5.2% to HK$118.4, leading the tech sector advance. Tencent (00700) gained 3.6% to HK$478, while Meituan (03690) climbed 3.8% to HK$86.8. Baidu (09888) increased 3% to HK$109.7, Xiaomi (01810) added 2.5% to HK$27.54, and JD.com (09618) rose 2.6% to HK$119.3. NetEase (09999) advanced 3.3% to HK$209.4, and Kuaishou (01024) gained 3.5% to HK$44.8.
Oil Stocks Gain on Price Recovery
Oil sector stocks rallied as international crude prices recovered. CNOOC (00883) surged 5.6% to HK$24, emerging as the best-performing blue chip in the morning session. PetroChina (00857) climbed 3.9% to HK$9.96. Sinopec (00386) rose 0.9% to HK$4.3 after the company spent RMB 365 million on A-share buybacks.
Individual Stock Movers
SMIC (00981) gained 4.4% to HK$70.65. Aluminum Corporation of China (02600) rose 4.2% to HK$7.93 after its controlling shareholder announced plans to increase holdings in both A-shares and H-shares by up to RMB 2 billion. Hong Kong Exchanges and Clearing (00388) edged up 0.9% to HK$394.6. HSBC (00005) slipped 0.2% to HK$156.6. CLP Holdings (00002) fell 2.1% to HK$76.05, marking the worst-performing blue chip in the morning session. Power Assets Holdings (00006) declined 2.4% to HK$58.35, Nongfu Spring (09633) dropped 2.3% to HK$41.24, and Sun Hung Kai Properties (00016) lost 1.4% to HK$120.2.
AI Stocks Decline Following Competitor Launch
Chinese AI stocks retreated in morning trading. Zhipu (02513) plunged 13% to HK$963, while MiniMax (00100) fell 5.6% to HK$203.8. The declines followed domestic competitor Moonshot AI's release of its new-generation artificial intelligence model Kimi K3, which attracted global attention for its performance capabilities.
FAQ
What caused the Hang Seng Index to rise above 25,000 in the morning session?
The Hang Seng Index rose 510 points or 2.08% to 25,072 in the morning session, driven by heavyweight technology stocks. Alibaba gained 5.2%, Tencent rose 3.6%, and Meituan climbed 3.8%, providing the primary upward momentum that pushed the index above the 25,000 level and its 50-day moving average at 24,744 points.
Which stock was the best-performing blue chip in Hong Kong's morning session?
CNOOC (00883) was the best-performing blue chip in the morning session, surging 5.6% to HK$24 as international oil prices recovered. The oil sector broadly gained, with PetroChina rising 3.9% to HK$9.96 and Sinopec advancing 0.9% to HK$4.3.
Why did Chinese AI stocks decline during morning trading?
Chinese AI stocks declined after domestic competitor Moonshot AI released its new-generation artificial intelligence model Kimi K3, which attracted global attention for its performance. Zhipu (02513) fell 13% to HK$963, and MiniMax (00100) dropped 5.6% to HK$203.8 in response to the competitive development.
