Hang Seng Rises 108 Points as HSBC Jumps
AM730 · 4 SOURCESabout 12 hours ago2 MIN
Summary
Hong Kong equities finished higher on November 10 after a firmer open, with the Hang Seng Index closing at 24,557, up 108 points, while the Hang Seng Tech Index rose 43 points to 4,084. Financials supported the market, led by HSBC Holdings, which climbed 4.3% to 4.37%, while Standard Chartered also advanced and AIA added about 1%. Technology shares were mixed, with Alibaba falling sharply even as Xiaomi, Kuaishou and some chipmakers gained. Aluminium counters lagged, with Aluminum Corporation of China the worst-performing blue chip and China Hongqiao also lower
Key Points
- The Hang Seng Index opened 172 points higher at 24,621, rose as much as 226 points to 24,675, and closed up 108 points at 24,557.
- Main board turnover reached about HK$178.1 billion to HK$178.175 billion, while the Hang Seng China Enterprises Index edged up 5 points to 8,265.
- HSBC rose 4.3% to 4.37% to HK$143.3 after UK 10-year gilt yields retreated; Standard Chartered gained 5% and AIA rose about 1%.
- Large technology stocks diverged: Tencent slipped about 0.1%, Alibaba fell 2.8% to 2.87%, while Xiaomi gained 1.6% to 1.66%.
- Aluminium shares were weak, with Chalco down 4.9% as the worst blue chip and China Hongqiao also falling, while Sunny Optical jumped 5.7% as the top gainer
Why It Matters
For Hong Kong investors, the session showed how quickly leadership can rotate from technology into financials when bond yields and global risk sentiment shift. The following sessions also underlined how fragile that rebound was: the Hang Seng then fell 241 points on November 11 and another 370 points on November 13, extending losses to 844 points for the week.