Hong Kong stocks rebound, Hang Seng Index ends October down 5.4 per cent
Hong Kong stocks rebounded on 30 October, with the Hang Seng Index closing above 23,000 points. However, the index fell 5.4 per cent in October, while the tech index lost 11.7 per cent for the month, both declining for three consecutive months.
Hong Kong stocks rebounded on 30 October, closing above the 23,000-point mark. The Hang Seng Index rose as much as 440 points, touching 23,400, before closing at 23,294 points, up 335 points or about 1.5 per cent. Turnover on the main board exceeded 214.3 billion yuan (HK$232.8 billion).
The technology index closed at 3,754 points, up about 0.3 per cent. The so-called ATMXJ stocks—Alibaba, Tencent, Meituan, Xiaomi and JD.com—gained between about 1 per cent and 3.5 per cent.
AIA saw its new business value drop 5 per cent in the third quarter but rise 5 per cent in the first nine months. Its share price closed more than 5 per cent higher.
Stocks in the consumer, oil and mainland banking sectors performed well. Sinopec rose more than 6 per cent after its earnings report, and Mengniu Dairy gained more than 9 per cent.
Chip and artificial-intelligence related stocks continued to fall. Lenovo Group, Tianshu Zhixin and ZhiPu each dropped between more than 7 per cent and more than 9 per cent. Pharmaceutical stocks were weak. Evergrande Property, which resumed trading, fell nearly 18 per cent at the close.
For the week, the Hang Seng Index accumulated a rise of about 0.9 per cent, ending two consecutive weeks of decline. The tech index fell 3 per cent, falling for three straight weeks. For the month of October, the Hang Seng Index fell about 5.4 per cent, and the tech index lost more than 11.7 per cent. Both indexes have fallen for three consecutive months.