Hang Seng Index Rises 203 Points to Four-Week High as Kuaishou Tumbles 11%
SingTao · 4 SOURCESabout 3 hours ago2 MIN
Summary
The Hang Seng Index continued its upward momentum on Thursday, gaining 203 points or 0.79 percent to close at 25,698, marking its highest level in four weeks and a four-day winning streak with cumulative gains of 581 points. The rally was driven by the US Treasury Department's announcement to expand its long-term bond buyback program, which pushed long-term bond yields lower and boosted sentiment across global markets . Trading volume increased to HK$269.1 billion, the highest since August 5 . However, investors remained cautious as the market's advance was capped at the 25,800 level, with the index retreating from an intraday high of 25,842 points. Northbound Stock Connect flows turned negative again with a net outflow of HK$10.412 billion, the largest single-day outflow since early April .
Key Points
- Kuaishou (1024) plummeted 11.01 percent to HK$33.64, its lowest in over three years, after reporting a 30 percent decline in second-quarter profits
- China Biologic Products (1177) surged 12.53 percent to HK$5.39 following better-than-expected interim results and target price upgrades from Citibank and Daiwa
- Gold mining stocks rallied as international gold prices broke through US$4,500, with Zijin Mining International rising 11.2 percent and Zijin Mining gaining 5.3 percent
- Biotech stocks surged on Moderna and Merck's breakthrough mRNA cancer vaccine results, with Everest Medicines (1952) jumping 41.4 percent
- Shanghai introduced eight new property support measures, boosting mainland Chinese property developers including Longfor Group which rose 5 percent