Hong Kong stocks extended gains in the morning session, with the Hang Seng Index rising 476 points or 1.93% to close the half-day at 25,157 points, driven by strength in large-cap technology stocks. The rally followed overnight stability in US markets, where traditional tech stocks gained support and inflation data came in milder than expected. The index recaptured the 25,000-point level after a four-day winning streak that added 340 points the previous day.
Hang Seng Index Gains 476 Points in Morning Session
The Hang Seng Index opened 143 points higher at 24,825 points, above the 50-day moving average at 24,796 points. Buying momentum accelerated throughout the morning, with the index reaching an intraday high of 25,188 points, up 507 points or 2.1%. The half-day close stood at 25,157 points, representing a 476-point or 1.93% gain.
The Hang Seng China Enterprises Index rose 185 points or 2.26% to 8,369 points. The Hang Seng Tech Index outperformed with a 145-point or 3.08% increase to 4,886 points.
Morning session turnover reached HK$178.051 billion. Northbound capital recorded a net inflow of HK$3.717 billion.
Blue-chip performance showed mixed results:
| Stock | Code | Change | Price (HKD) |
|-------|------|--------|-------------|
| Hong Kong Exchanges | 00388 | +1.0% | 397.2 |
| HSBC Holdings | 00005 | +1.0% | 156.8 |
| AIA Group | 01299 | +0.9% | 76.9 |
| SMIC | 00981 | +0.7% | 76.85 |
| CATL | 03750 | -0.2% | 621 |
| Lenovo Group | 00992 | -3.9% | 22.94 |
Lenovo Group declined 3.9% to HK$22.94, marking the weakest blue-chip performance in the morning session. Zhipu (02513) fell 7.3% to HK$1,582, while MiniMax (00100) gained 0.3% to HK$261.4.
Tech Stocks Rally on Apple Intelligence China Approval
Heavyweight technology stocks surged after Apple Intelligence received approval for generative AI services in China. Alibaba's Tongyi Qianwen will provide services for Apple Intelligence users in mainland China.
Alibaba (09988) rose 4.8% to HK$118.8. Tencent (00700) gained 3.2% to HK$489. Meituan (03690) climbed 5.3% to HK$87.8.
Xiaomi (01810) jumped 6.3% to HK$27.48, becoming the best-performing blue-chip stock in the morning session after its AI application products received approval from China's cyberspace administration. Kuaishou (01024) matched Xiaomi's 6.3% gain, rising to HK$47.5 as the second-best blue-chip performer.
Baidu (09888) advanced 3.9% to HK$111.7 following reports it is developing search functionality for iPhone users in China and upgrading the Chinese version of Siri voice assistant. JD.com (09618) increased 1.9% to HK$117.9. NetEase (09999) rose 2.7% to HK$208.
AI Hardware Stocks Decline on Cooling Sentiment
AI hardware stocks fell as market enthusiasm cooled, with concerns over difficulties in restoring AI sector momentum.
Kingboard Laminates (01888) dropped 11.7% to HK$49.78 in the morning session. Kingboard Holdings (00148) declined 8.9% to HK$57.25. Yangtze Optical Fibre and Cable (06869) fell 5.6% to HK$147.6. Shengyi Technology (02476) decreased 0.7% to HK$234.6.
Pop Mart and Li Ning Report Mixed Performance
Pop Mart (09992) gained 6.1% to HK$166.9, ranking as the third-best blue-chip performer in the morning session. The company will launch special edition LABUBU World Cup products for sale tonight.
Li Ning (02331) fell 1.6% to HK$14.88 after reporting low single-digit year-on-year decline in second-quarter retail sales flow.
FAQ
How much did the Hang Seng Index rise in the morning session?
The Hang Seng Index rose 476 points or 1.93% in the morning session, closing the half-day at 25,157 points. The index reached an intraday high of 25,188 points, representing a maximum gain of 507 points or 2.1%.
Why did Xiaomi and Kuaishou stocks surge?
Xiaomi rose 6.3% to HK$27.48 after its AI application products received approval from China's cyberspace administration. Kuaishou gained 6.3% to HK$47.5, benefiting from the broader rally in technology stocks driven by Apple Intelligence's approval for generative AI services in China.
