Hong Kong stocks fell in the half-day session, with the Hang Seng Index dropping 98 points or 0.42% to close at 23,517 points. The index opened down 47 points at 23,568 and briefly surged as much as 204 points to reach 23,820, touching the 20-day moving average at 23,794 points, before selling pressure emerged at highs and the market reversed course to close near session lows. The volatility followed US stocks reaching record highs on Monday after the holiday, with Hong Kong stocks having gained 266 points the previous day.
Hang Seng Index Records 98-Point Decline After Intraday Reversal
The Hang Seng Index opened 47 points lower at 23,568 points. Buyers subsequently pushed the market higher, with the index rising as much as 204 points to reach an intraday high of 23,820 points, hitting the 20-day moving average level. The gains proved unsustainable as selling pressure emerged, causing the index to reverse and fall as much as 130 points to a session low of 23,485 points. The index closed the half-day session near its lows, down 98 points or 0.42% at 23,517 points.
The Hang Seng China Enterprises Index fell 33 points or 0.42% to 7,779 points. The Hang Seng Tech Index declined 12 points or 0.28% to 4,528 points.
Half-day turnover reached HK$187.037 billion. Northbound capital recorded a net inflow of HK$3.061 billion.
Kuaishou Leads Blue-Chip Decliners With 9.5% Drop
Kuaishou dropped 9.5% to HK$41.64, making it the worst-performing blue-chip stock after Tencent reduced its holdings in the company.
AIA fell 2.2% to HK$72.4. Hong Kong Exchanges and Clearing declined 0.2% to HK$375.8. BYD Electronic dropped 5% to HK$20.28. China Life Insurance fell 4.6% to HK$28.16.
Lenovo Group rose 2.6% to HK$21. Li Auto gained 1.3% to HK$46.88. Geely Automobile advanced 0.8% to HK$18.79. HSBC increased 0.6% to HK$152.9.
Technology Stocks Drive Morning Rally Before Retreat
Technology stocks led the morning gains. Tencent, which released its Hunyuan Hy3 model the previous day, rose as much as 6% to an intraday high of HK$479.8 before closing the half-day session up 2.8% at HK$464.8. Meituan gained 4.3% to HK$78.2. These two stocks were the best-performing blue chips in the half-day session.
Alibaba rose 1% to HK$96.9. Baidu fell 0.2% to HK$110.3. JD.com declined 1.4% to HK$104. Xiaomi advanced 0.7% to HK$23.44. NetEase dropped 0.7% to HK$207.
Tongrentang Medical Debuts 40% Below IPO Price
Tongrentang Medical & Elderly Care, a traditional Chinese medicine medical services group under Tongrentang, began trading. The stock closed the half-day session at HK$3.3, down 40% from its IPO price of HK$5.5.
Mou Kee Kwai Chung rose 18.4% to HK$6.3 despite conducting a share placement at a 20% discount.
FAQ
What happened to the Hang Seng Index in the half-day session?
The Hang Seng Index fell 98 points or 0.42% to close at 23,517 points. The index opened down 47 points, briefly rose as much as 204 points to reach 23,820 points at the 20-day moving average level, then reversed to close near session lows.
Why did Kuaishou drop 9.5% to become the worst-performing blue chip?
Kuaishou fell 9.5% to HK$41.64 after Tencent reduced its holdings in the company, making it the worst-performing blue-chip stock in the half-day session.
Which technology stocks performed best in the morning session?
Tencent and Meituan were the best-performing blue chips in the half-day session. Tencent, which released its Hunyuan Hy3 model the previous day, rose 2.8% to HK$464.8 after reaching an intraday high of HK$479.8. Meituan gained 4.3% to HK$78.2.
