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<H Shrs>HSI Opens 335 Pts Higher; AI, Chip Concepts Surge; BABA-W Up ~4%
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The U.S. and China reached a preliminary consensus on resolving key important economic and trade issues, leading to a strong opening in Hong Kong bourse. The HSI opened 335 points or 1.3% higher at 26,495; the HSCEI opened 122 points or 1.3% higher at 9,486; and the HSTECH opened 124 points or 2.1% higher at 6,184. AI and chip-related concepts led the gains, with BABA-W (09988.HK) and BIDU-SW (09888.HK) opening 3.9% and 3.1% higher; SMIC (00981.HK) and HUA HONG SEMI (01347.HK) opening 3.7% and 5.2% higher; and chip equipment stock ASMPT (00522.HK) opening 5% higher. TENCENT (00700.HK) flagship game "Honor of Kings" set a new record for DAUs this year, with its stock opening 1.8% higher at HKD649. MEITUAN-W (03690.HK) plans to issue USD and CNY denominated senior notes, with its stock opening 0.9% higher at HKD101.5. The China Passenger Car Association indicated that last month's inventory pressure on domestic passenger cars decreased, forecasting strong total sales for auto manufacturers in the coming months. Auto stocks GEELY AUTO (00175.HK) and BYD COMPANY (01211.HK) opened 0.8% and 1% higher, while GWMOTOR (02333.HK) saw a 17% drop in net profit for 1-3Q, with its stock opening 0.5% lower. AASTOCKS Financial News Website: www.aastocks.com |
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