Hong Kong shares edge up on regulatory meeting hopes
Hong Kong stocks rose slightly at the open on Monday amid reports that Chinese financial regulators and major banks would meet to stabilise the market. The Hang Seng Index gained 0.03 per cent, while carmakers and some chipmakers posted gains.
Hong Kong stocks inched up in Monday morning trading ahead of a reported meeting of Chinese financial regulators and major banks to stabilise the market, according to The Standard.
The benchmark Hang Seng Index increased 7 points, or 0.03 per cent, to 23,301. The tech gauge slipped 0.55 per cent to 3,775.
Carmakers broadly rose on robust sales last month. BYD gained 2.3 per cent, while Xiaomi went up 1.6 per cent, marking the best two performances among blue chips at the open.
Tech giants opened mixed. Alibaba was flat, while Baidu declined 2.1 per cent. Chipmakers Semiconductor Manufacturing International Cooperation and Hua Hong Grace Semiconductor climbed 1 per cent and 1.3 per cent, respectively.
Three major Chinese banks advanced slightly after posting growth in net profit in the third quarter. Bank of China, Industrial and Commercial Bank of China, and Agricultural Bank of China rose 0.4 per cent, 0.4 per cent, and 0.1 per cent at the opening bell.