Hong Kong stocks open higher after China unveils market support measures
Hong Kong stocks opened higher on Tuesday after China rolled out supportive measures to stabilise the market. The Hang Seng Index rose 0.33 per cent, while tech stocks showed mixed results. Trip.com jumped 2.8 per cent, but Lenovo and oil majors fell.
Hong Kong stocks opened higher on Tuesday after China rolled out supportive measures to stabilise the market, according to The Standard. The benchmark Hang Seng Index advanced 76 points, or 0.33 per cent, to 23,469. The tech gauge increased 0.36 per cent to 3,853.
Tech giants delivered mixed performances. Alibaba and Tencent inched up 0.5 per cent and 0.25 per cent, while Baidu decreased 1 per cent. Trip.com jumped the most among HSI components at the opening bell, up 2.8 per cent. However, Lenovo fell 3.6 per cent at the open, marking the biggest loss among blue chips.
Oil majors dropped on falling oil prices. PetroChina went down 2.9 per cent, while CNOOC declined 2.6 per cent. Chipmakers weighed down the market, with Hua Hong Grace Semiconductor and Semiconductor Manufacturing International Cooperation slipping 2.6 per cent and 1.4 per cent.