Hong Kong stocks surge over 3%, extending winning streak to five days
Hong Kong stocks rose over 3 per cent for a fifth consecutive day, with the Hang Seng Index closing at 24,796 points. Turnover reached a four-month high. Tech, financial and property shares gained, while resource stocks fell.
Hong Kong stocks surged over 3 per cent on 5 November, extending their winning streak to a fifth consecutive day and outperforming other Asian markets, according to RTHK.
The Hang Seng Index hit an intraday high of 24,871 points, a near one-and-a-half month peak, rising more than 950 points at one stage. It closed at 24,796 points, up 877 points or 3.67 per cent. Turnover on the main board reached nearly 3,567 billion Hong Kong dollars, the highest in nearly four months.
The Technology Index rose over 5.5 per cent to 4,154 points. The so-called ATMXJ stocks—Alibaba, Tencent, Xiaomi, Meituan and JD.com—gained between nearly 7 per cent and nearly 9 per cent, with Xiaomi posting the largest increase.
Financial and property stocks also advanced. AIA, Hong Kong Exchanges and Clearing, and HSBC rose between over 2 per cent and 4 per cent. Cheung Kong Property, Henderson Land and Sun Hung Kai Properties gained over 3 per cent to nearly 5 per cent.
Pharmaceutical and automobile stocks performed well. Li Auto and China National Pharmaceutical rose nearly 9 per cent or more. Chip and artificial-intelligence concept stocks had mixed results: Tianshu Zhixin rose over 9 per cent, while Hua Hong Huali fell 2 per cent; MINIMAX gained nearly 2 per cent, while ZhiPu dropped 2 per cent. Lenovo Group bucked the trend with a sharp fall of nearly 7 per cent, the biggest decline among Hang Seng Index and Technology Index constituent stocks.
Resource stocks declined. CNOOC and PetroChina fell over 2 per cent to over 4 per cent, while China Shenhua also dropped nearly 3 per cent.