ET Net News Agency, Nov 3 — Ahead of the U.S. midterm elections, the U.S.-Iran situation unexpectedly brightened as Iranian President Pezeshkian stated that the Supreme Leader has granted the government greater authority to advance peace talks. U.S. President Trump, in a media interview, also indicated he is in no rush to decide whether to resume attacks on Iran, sending oil prices sharply lower. Hong Kong market sentiment improved, and northbound funds ended their 14-day consecutive capital outflow record, surging with a net inflow of HK$23.4 billion today. In terms of sectors, previously hot AI hardware and biotechnology concepts retreated, while the large consumer sector perked up and tech internet stocks edged higher, lifting the Hang Seng Index to close up 132 points or 0.6% at 23,525, with main board turnover exceeding HK$236.4 billion. The Hang Seng China Enterprises Index closed at 7,943, up 36 points or 0.5%. The Hang Seng Tech Index closed at 3,867, up 28 points or 0.7%.
The two tech internet giants continued their push toward major psychological levels. Tencent (00700) rose 1.27% to HK$397.2, briefly breaking above the HK$400 mark during the session. Alibaba (09988) gained 0.1% to HK$99.55, touching the psychological HK$100 level for the second consecutive day. Baidu (09888), however, closed down 1.26% at HK$74.7, as reports suggest its Kunlun芯 Hong Kong IPO might be delayed until next year due to pending approval from Chinese regulators.
Mainland financial authorities signaled easing expectations. Although monetary easing is limited to the stock market, it still boosted the large consumer sector. In the e-commerce segment, JD.com (09618) rose 5.61% to HK$107.3, Meituan (03690) gained 1.78% to HK$74.35, and Xiaomi (01810) advanced 1.78% to HK$28.6. Among other consumer stocks, China Mengniu Dairy (02319) climbed 4.68% to HK$21.48, Li Ning (02331) jumped 4.33% to HK$14.47, China Resources Beer (00291) rose 4.17% to HK$20.74, WH Group (00288) gained 3.86% to HK$6.585, and Anta Sports (02020) surged 3.65% to HK$78.15. Haidilao (06862) founder Zhang Yong repaid a company loan ahead of schedule, propelling the stock to lead blue-chip gains with a 6.43% rise, closing at HK$9.935.
Mainland rescue measures continued to lift domestic insurers. PICC Property and Casualty (02328) rose 3.27% to HK$17.07, China Life (02628) gained 2.98% to HK$25.54, Ping An Insurance (02318) advanced 2.68% to HK$51.65, and New China Life Insurance (01336) rose 2.16% to HK$40.76.
U.S. semiconductor stocks remained under pressure, dragging down Hong Kong's AI hardware concept. Lenovo Group (00992) fell 6.11% to HK$19.66, Hua Hong Semiconductor (01347) dropped 5.04% to HK$59.35, SMIC (00981) declined 2.29% to HK$42.62, Kingboard Laminates (01888) plunged 10.2% to HK$32.58, and Yangtze Optical Fibre and Cable (06869) fell 6.25% to HK$100.5. Biotech stocks also came under pressure today: BeiGene (06160) dropped 4.8% to HK$210.2, WuXi Biologics (02269) fell 3.45% to HK$43.06, WuXi AppTec (02359) declined 2.22% to HK$176, and Innovent Biologics (01801) lost 1.61% to HK$79.35.
The top three turnover stocks for the Hang Seng Index, China Enterprises Index, and Tech Index were Tencent, Xiaomi, and Alibaba respectively. (ey)
The two tech internet giants continued their push toward major psychological levels. Tencent (00700) rose 1.27% to HK$397.2, briefly breaking above the HK$400 mark during the session. Alibaba (09988) gained 0.1% to HK$99.55, touching the psychological HK$100 level for the second consecutive day. Baidu (09888), however, closed down 1.26% at HK$74.7, as reports suggest its Kunlun芯 Hong Kong IPO might be delayed until next year due to pending approval from Chinese regulators.
Mainland financial authorities signaled easing expectations. Although monetary easing is limited to the stock market, it still boosted the large consumer sector. In the e-commerce segment, JD.com (09618) rose 5.61% to HK$107.3, Meituan (03690) gained 1.78% to HK$74.35, and Xiaomi (01810) advanced 1.78% to HK$28.6. Among other consumer stocks, China Mengniu Dairy (02319) climbed 4.68% to HK$21.48, Li Ning (02331) jumped 4.33% to HK$14.47, China Resources Beer (00291) rose 4.17% to HK$20.74, WH Group (00288) gained 3.86% to HK$6.585, and Anta Sports (02020) surged 3.65% to HK$78.15. Haidilao (06862) founder Zhang Yong repaid a company loan ahead of schedule, propelling the stock to lead blue-chip gains with a 6.43% rise, closing at HK$9.935.
Mainland rescue measures continued to lift domestic insurers. PICC Property and Casualty (02328) rose 3.27% to HK$17.07, China Life (02628) gained 2.98% to HK$25.54, Ping An Insurance (02318) advanced 2.68% to HK$51.65, and New China Life Insurance (01336) rose 2.16% to HK$40.76.
U.S. semiconductor stocks remained under pressure, dragging down Hong Kong's AI hardware concept. Lenovo Group (00992) fell 6.11% to HK$19.66, Hua Hong Semiconductor (01347) dropped 5.04% to HK$59.35, SMIC (00981) declined 2.29% to HK$42.62, Kingboard Laminates (01888) plunged 10.2% to HK$32.58, and Yangtze Optical Fibre and Cable (06869) fell 6.25% to HK$100.5. Biotech stocks also came under pressure today: BeiGene (06160) dropped 4.8% to HK$210.2, WuXi Biologics (02269) fell 3.45% to HK$43.06, WuXi AppTec (02359) declined 2.22% to HK$176, and Innovent Biologics (01801) lost 1.61% to HK$79.35.
The top three turnover stocks for the Hang Seng Index, China Enterprises Index, and Tech Index were Tencent, Xiaomi, and Alibaba respectively. (ey)
