Hong Kong Stock Market | Hang Seng Index Rebounds and Rises Over 300 Points in Early Session, Focus Continues on Earnings Stocks

Middle East tensions slightly ease, leading to a rebound in the US stock market overnight. However, Asia-Pacific stocks and A-shares developed differently this morning. Hong Kong stocks halted a three-day decline of 1,642 points and stabilized, initially rebounding to near yesterday’s gap-down bottom, with a recent gain of over 300 points.

The Hang Seng Index opened up 377 points, at 24,759. In the early session, it rose over 433 points to a high of 24,815, but faced selling pressure and retraced, narrowing gains to 173 points, with a low of 24,555. As of 10:48 a.m., the Hang Seng Index was up 355 points or 1.46%, at 24,738.

The China Enterprises Index rose 83 points or 1%, to 8,391; the Tech Index increased 44 points or 0.95%, to 4,757.

Earnings stocks remain a market focus. WuXi AppTec (02359) reported more than doubling its profit last year, rising 9.6% to HKD 112.6; the heavily sold Goldlion (06181) saw its profit surge 2.3 times last year, with dividends up nearly 90%, up 8.7% to HKD 607, making it one of the best-performing blue chips.

Tech stocks generally rebounded. Alibaba (09988) rose 0.8% to HKD 120.7; Tencent (00700) increased 1.3% to HKD 505; Kuaishou (01024) up 1.2% to HKD 52.3; JD.com (09618) remained flat at HKD 105.1; Xiaomi (01810) gained 1.2% to HKD 32.44.

Oil prices sharply rebounded. NYMEX crude briefly dropped 14%, hitting USD 84.37, but is now hovering around USD 91 during Asian hours. CNOOC (00883) fell 2.1% to HKD 29.86; PetroChina (00857) declined 0.7% to HKD 10.68.

HSBC (00005) rose 1.9% to HKD 121.2; China Mobile (00941) increased 0.8% to HKD 78.45; AIA (01299) rebounded 5.3% to HKD 83.55.

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