13th May 2024 – (Hong Kong) The Hang Seng Index (HSI) experienced a notable upturn, gaining 58 points or 0.3% to reach 19,022 points, marking a 9-month high. At 10.50am, the HSI was trading at 19,076.19, showing a further increase of 112.51 points or 0.59%.
Alibaba played a supportive role in the market, surging over 3%, while Tencent also climbed 1.5%.
The HSI initially opened lower, down 59 points at 18,904 points. The decline widened to 136 points, with the index reaching a low of 18,827 points. As of now, the HSI is down 110 points or 0.58%, at 18,852 points. The Hang Seng China Enterprises Index fell 44 points or 0.66% to 6,673 points, while the Hang Seng TECH Index dropped 26 points or 0.67% to 3,935 points.
Tech stocks demonstrated mixed performance, with Tencent Holdings rising by 0.3%, Alibaba gaining 1.1%, Meituan falling by 0.5%, JD.com declining by 0.8%, Xiaomi dropping by 0.1%, and Kuaishou down by 0.9%.
Financial stocks showed a softer trend, with HSBC Holdings falling by 0.4%, AIA Group declining by 1.1%, Ping An Insurance dropping by 2%, and Hong Kong Exchanges and Clearing sliding by 1.4%.
Amid the U.S.’s plan to impose tariffs on Chinese electric vehicles, stocks in the new energy vehicle sector experienced a downward trend. Xpeng Inc. fell by 6%, NIO dropped by 3.4%, Li Auto declined by 2.9%, and BYD Company Limited slid by 2.2%.
As two of Country Garden’s notes completed interest payments within the grace period, some property stocks gained investor interest. Shimao Group rose by 25%, while China South City Holdings surged by 18.6%.
 experienced a notable upturn, gaining 58 points or 0.3% to reach 19,022 points, marking a 9-month high.){kind=link}