Hang Seng Index rises over 100 points as auto stocks gain momentum

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11th July 2024 – (Hong Kong) The Hang Seng Index surged by 157 points or 0.9%, reaching a level of 17,629. The state-owned enterprise index also experienced a positive upswing, rising by 52 points or 0.84% to reach 6,303. The technology sector showed strength as well, with the technology index climbing by 37 points or 1.03%, closing at 3,637.

The market was buoyed by the solid performance of major technology stocks. Tencent saw a modest increase of 0.4%, while Alibaba surged by 1.2%. Meituan rose by 0.7%, JD.com gained 1%, Xiaomi climbed by 0.8%, and Kuaishou saw a slight uptick of 0.2%.

The financial sector played a significant role in supporting the market. HSBC Holdings saw a near 1% increase, while Hong Kong Exchanges and Clearing Limited rose by 1.4%. Other gains included a 1.9% increase for AIA Group and a 1.1% rise for Ping An Insurance (Group) of China.

Auto stocks stood out prominently during the trading session, displaying notable gains. BYD Company Limited saw a rise of 1.1%, as did Geely Automobile Holdings Limited. Li Auto experienced a substantial surge of 4.4%, while XPeng Inc. soared by 5.4%. NIO Inc. also witnessed a rise of 2.2%.