Hong Kong stocks rise for third day, Hang Seng Index up 132 points
Hong Kong shares extended gains for a third straight session on 3 November, with the Hang Seng Index closing 132 points higher. Consumer and gaming stocks led gains, while AI and chip stocks fell sharply.
Hong Kong stocks rose for a third consecutive day on 3 November, with the Hang Seng Index closing at 23,525 points, up 132 points or nearly 0.6 per cent. Trading was volatile, with an intraday range of just over 200 points, but the index finished near its daily high. Turnover on the main board rose to more than HK$236.4 billion, according to RTHK.
The technology index gained 0.7 per cent to 3,867 points. The so-called ATMXJ stocks—Alibaba, Tencent, Meituan, Xiaomi and JD.com—all rose, with JD.com recording the largest gain of nearly 6 per cent.
Consumer stocks posted strong gains. Hotpot chain Haidilao and travel firm Trip.com Group both rose more than 6 per cent, making them the two best-performing blue-chip stocks. Casino stocks continued to climb: Sands China and Galaxy Entertainment rose between 3 per cent and 4 per cent.
Property and utility stocks also advanced. Hang Lung Properties and China Resources Land gained nearly 3 per cent or more, China Resources Power rose more than 2 per cent, and Hong Kong and China Gas Company and CLP Holdings each added more than 1 per cent.
In contrast, artificial-intelligence concept stocks and chip stocks fell sharply. ZhiPu, MiniMax and Tian Shu Zhi Xin each dropped nearly 8 per cent or more, while Lenovo Group fell more than 6 per cent. Pharmaceutical and oil stocks also declined.