Hang Seng rebounds above 24,000 at midday
SingTao · 6 SOURCESabout 3 hours ago2 MIN
Summary
Hong Kong equities bounced back by midday on Friday, reversing part of the previous two sessions’ decline and lifting the Hang Seng Index back above the 24,000 level. The benchmark rose as much as 350 points to 24,136 before trimming gains, while the Hang Seng Tech Index advanced more than 1.5%. Xiaomi was the standout performer after reports of solid locked-in orders for its vehicles, and banking shares including HSBC and Bank of China Hong Kong also recovered. The rebound followed a weak Thursday session when the market fell below 24,000, banks slumped and turnover jumped above HK$106 billion as mainland markets reopened after the National Day holiday.
Key Points
- By the midday break on Friday, the Hang Seng Index was up 259 points, or about 1.1%, at 24,045, after earlier reaching 24,136.
- Main board turnover was about HK$111.7 billion by noon on Friday, slightly above Thursday morning’s roughly HK$106.3 billion level.
- The Hang Seng Tech Index rose to 4,136, up more than 1.5%, with Tencent, Meituan, Alibaba, Kuaishou and NetEase all higher.
- Xiaomi surged more than 7% and was the best-performing Hang Seng and tech index constituent, supported by encouraging locked-in vehicle orders.
- Bank shares rebounded, with HSBC and Bank of China Hong Kong up nearly 2%, while AIA rose nearly 3%; however, chip and AI model stocks stayed weak.
Why It Matters
For Hong Kong investors, Friday’s rebound showed that buying interest remained intact even after the market twice slipped below 24,000 this week. The contrast between strength in autos, internet names and banks, and continued weakness in chips and AI shares, points to a selective market rather than a broad-based recovery.