Hang Seng Index rebounds, financial stocks perform well

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17th June 2024 – (Hong Kong) The Hang Seng Index initially opened lower by 92 points at 17,848, then experienced a decline of 188 points to a low of 17,752. However, it found support and made a recovery, currently up by 38 points or 0.21% at 17,979. The H-share index rose by 23 points or 0.36% to 6,397, while the technology index increased by 2 points or 0.07% to 3,710. The main board recorded a trading volume of HKD 27.7 billion.

In terms of individual developments in the technology sector, Tencent rose by 0.7%, Alibaba fell by 0.7%, Meituan increased by 1.3%, JD.com dropped by 0.8%, Xiaomi rose by 0.3%, and Kuaishou went up by 1%.

Financial stocks provided support to the overall market, with HSBC Holdings rising by 0.7%, Hong Kong Exchanges and Clearing increasing by 0.7%, AIA Group rising by 0.7%, Ping An Insurance up by 0.1%, Industrial and Commercial Bank of China rising by 0.2%, and China Construction Bank up by 0.1%.

As for the automotive sector, there were mixed performances. Brilliance China announced a special dividend, resulting in a stock surge of 24.8%. BYD Company increased by 2.9%, Li Auto rose by 0.1%, NIO fell by 0.7%, and XPeng Motors dropped by 1.5%.