Hong Kong shares jump at open on US midterm election results
Hong Kong shares rose sharply at market open on Thursday. The Hang Seng Index gained nearly 400 points, driven by the Democrats' victory in the US midterm elections. Tech stocks led gains, while oil and chip stocks fell.
Hong Kong shares climbed at the open on Thursday, as the Democrats' victory in the US midterm elections boosted investors' sentiment, according to The Standard.
The benchmark Hang Seng Index jumped 397 points, or 1.66 per cent, to 24,316. The tech gauge rose 1.43 per cent to 3,992.
Tech heavyweights outperformed the market, with Alibaba and Tencent up 2.6 per cent and 3 per cent, respectively. Xiaomi and Meituan also advanced 4.3 per cent and 3.1 per cent, while JD.com and Baidu grew 1.4 per cent and 1.9 per cent.
With gold prices rising, Laopu Gold and Zijin Mining opened 3.6 per cent and 3.5 per cent higher. Conversely, PetroChina and CNOOC dropped 5.55 per cent and 2.5 per cent, tracking retreating oil prices, as US President Donald Trump said the country would not launch an attack on Iran immediately.
Chipmakers weighed down the market. Hua Hong Grace Semiconductor slipped 5.5 per cent, marking the largest loss among blue chips at the open, while SMIC declined 3 per cent.
