Hang Seng Index Trend | Gains once expanded to over 700 points, chip stocks favored

With tensions in the Middle East easing, after the U.S. agreed to suspend attacks on Iran for two weeks, Iran accepted the ceasefire proposal put forward by Pakistan. In the Asia-Pacific region, stock markets, as well as A-shares, followed U.S. stock index futures higher. Hong Kong stocks opened higher today and traded strongly; with technology shares leading the rally, the Hang Seng Index’s gain at one point widened to more than 700 points, and it is now up more than 600 points.

The Hang Seng Index opened with a gap higher, up 656 points, at 25,772. It quickly regained the 250-day moving average—commonly known as the “bull-bear line” (currently at 25,151)—right at the open. The advance then rapidly expanded to as much as 755 points, topping out at 25,872, before easing back. As of 10:52 a.m., the Hang Seng Index was up 673 points, or 2.68%, at 25,790. The China Enterprises Index was up 182 points, or 2.16%, at 8,639. The Hang Seng TECH Index was up 178 points, or 3.81%, at 4,857.

With internet-related stocks trading higher, Meituan (03690) rose 6.2% to 85.2 yuan; Xiaomi (01810) rose 4.5% to 32.28 yuan; Kuaishou (01024) rose 3.9% to 46.66 yuan; Tencent (00700) rose 2.5% to 501.5 yuan; Alibaba (09988) rose 3% to 122 yuan; JD Group (09618) rose 1.9% to 110 yuan; Baidu (09888) rose 1.6% to 110.6 yuan.

Chip stocks also surged. Semiconductor Manufacturing International Corporation (00981) rose 7.9% to 55.05 yuan, leading among blue-chip stocks by gain; Hua Hong Semiconductor (01347) jumped 12.9% to 89.55 yuan; ASMPT (00522) rose 9.2% to 109.9 yuan; Shanghai Fudan (01385) rose 7.1% to 37.7 yuan; Tian Shu Zhi Xin (09903) soared 21.4% to 266.8 yuan; Runtek (06809) rose 11.1% to 194.5 yuan.

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