Hong Kong stocks close up 118 points; property, banks, oil firms gain
Hong Kong shares ended higher on Monday, with the Hang Seng Index rising 118 points to 23,211. Property, Chinese bank and oil stocks gained, while tech and chip shares fell.
Hong Kong stocks ended higher on 26 October, with the Hang Seng Index rising 118 points, or 0.51 per cent, to close at 23,211. Turnover on the main board was nearly HK$175.8 billion. The index had fallen by more than 80 points in early trade before recovering to gain as much as 166 points in the afternoon.
The technology index fell nearly 2 per cent at one point, closing at 3,857, down 0.36 per cent. Chip and artificial-intelligence related stocks were under pressure, with Lenovo Group, Hua Hong Semiconductor and Minimax all falling between nearly 4 per cent and more than 7 per cent.
The property sub-index rose nearly 2.6 per cent, with Link REIT gaining more than 4 per cent, and Sun Hung Kai Properties and China Resources Land both rising nearly 3 per cent. Mainland Chinese bank stocks also gained, with the four largest lenders rising between 1 per cent and nearly 3 per cent.
Amid heightened tensions in the Middle East, the three major Chinese oil companies performed well. Sinopec rose 4 per cent, PetroChina gained nearly 6 per cent, and CNOOC also rose nearly 4 per cent.
In contrast, resource and gold-related stocks were under pressure. China Molybdenum and Zijin Mining both fell by nearly 5 per cent or more.