{Economic Information Daily, November 2} According to media reports citing sources, securities and fund companies have received notice that the People's Bank of China and the China Securities Regulatory Commission (CSRC) will hold a meeting today to study measures promoting the use of capital market support tools. On the same day, the People's Bank of China, the National Financial Regulatory Administration, and the CSRC will also convene a meeting with major banks to discuss optimizing policies on relending for stock buybacks and增持. Anticipation of official support for the A-share market lifted the Shanghai Composite Index over 1%, boosting Chinese financial and tech-related sectors in Hong Kong. The Hang Seng Index closed the morning session at 23,437, up 142 points or 0.6%, with main board turnover exceeding HK$114.1 billion. The Hang Seng China Enterprises Index stood at 7,924, up 62 points or 0.8%. The Hang Seng Tech Index reached 3,862, up 107 points or 2.9%.
Market speculation about government intervention lifted major Hong Kong-listed tech and internet stocks. Tencent (00700) rose 3.39% to HK$396.60, nearing recovery of the HK$400 level. Alibaba (09988) gained 2.94% to HK$99.90, briefly rising above HK$100 but failing to sustain. Meituan (03690) advanced 3% to HK$73.75. Baidu (09888) initially declined but reversed to gain 0.66%, closing at HK$76.20.
Xiaomi (01810) reported record-breaking October car deliveries, with its shares rising 6.27% in the morning session to HK$28.14. BYD (01211) also gained 3.44% to HK$70.60, while CATL (03750) surged 6.73% to HK$361.60, leading gains among blue-chip stocks.
Anticipation of official support for mainland capital markets lifted Chinese insurance stocks. Ping An (02318) rose 2.03% to HK$50.75, China Life (02628) jumped 4.86% to HK$25.04, Chubb (02328) gained 1.41% to HK$16.51, and New China Life (01336) advanced 4.63% to HK$40.64. Chinese securities firms also rose: CITIC Securities (06030) surged 6.34% to HK$21.14, Guotai Junan & Haitong (02611) rose 4.69% to HK$13.63, and China Galaxy (06881) gained 3.94% to HK$6.985.
Bank of China (Hong Kong) (02388) plunged 4.16% to HK$48.40 after its earnings release. The other two Hong Kong banks also declined: HSBC (00005) fell 2.14% to HK$132.80, and Standard Chartered (02888) dropped 3.43% to HK$214. Despite continued net interest margin recovery in the first three quarters, all four major Chinese banks fell after earnings. Bank of China (03988) declined 3.91% to HK$5.905, Agricultural Bank of China (01288) fell 3.1% to HK$6.725, ICBC (01398) dropped 2.15% to HK$7.725, and China Construction Bank (00939) softened 1.66% to HK$10.09.
The top three most actively traded stocks on the Hang Seng Index were Tencent, Xiaomi, and Alibaba. (ey)
Market speculation about government intervention lifted major Hong Kong-listed tech and internet stocks. Tencent (00700) rose 3.39% to HK$396.60, nearing recovery of the HK$400 level. Alibaba (09988) gained 2.94% to HK$99.90, briefly rising above HK$100 but failing to sustain. Meituan (03690) advanced 3% to HK$73.75. Baidu (09888) initially declined but reversed to gain 0.66%, closing at HK$76.20.
Xiaomi (01810) reported record-breaking October car deliveries, with its shares rising 6.27% in the morning session to HK$28.14. BYD (01211) also gained 3.44% to HK$70.60, while CATL (03750) surged 6.73% to HK$361.60, leading gains among blue-chip stocks.
Anticipation of official support for mainland capital markets lifted Chinese insurance stocks. Ping An (02318) rose 2.03% to HK$50.75, China Life (02628) jumped 4.86% to HK$25.04, Chubb (02328) gained 1.41% to HK$16.51, and New China Life (01336) advanced 4.63% to HK$40.64. Chinese securities firms also rose: CITIC Securities (06030) surged 6.34% to HK$21.14, Guotai Junan & Haitong (02611) rose 4.69% to HK$13.63, and China Galaxy (06881) gained 3.94% to HK$6.985.
Bank of China (Hong Kong) (02388) plunged 4.16% to HK$48.40 after its earnings release. The other two Hong Kong banks also declined: HSBC (00005) fell 2.14% to HK$132.80, and Standard Chartered (02888) dropped 3.43% to HK$214. Despite continued net interest margin recovery in the first three quarters, all four major Chinese banks fell after earnings. Bank of China (03988) declined 3.91% to HK$5.905, Agricultural Bank of China (01288) fell 3.1% to HK$6.725, ICBC (01398) dropped 2.15% to HK$7.725, and China Construction Bank (00939) softened 1.66% to HK$10.09.
The top three most actively traded stocks on the Hang Seng Index were Tencent, Xiaomi, and Alibaba. (ey)
