Hong Kong stock market soars as tech and financial stocks lead the way

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29th March 2023 – (Hong Kong) Hong Kong’s stock market saw a surge in trading activity as investors eagerly anticipated the settlement of futures contracts. On the eve of the settlement, the Hang Seng Index opened with a gap up of 563 points and hit a high of 20,437 points, soaring as much as 653 points. As of now, it has maintained a gain of over 500 points, with the index dropping to 20,303 points. The state-owned enterprise index rose by 160 points, while the technology index rose by 130 points. The main board had a turnover of HK$30 billion.

Technology stocks emerged as the clear leaders in the current bull run, driving the market higher. Among them, Alibaba attracted the most attention as investors anticipated a spin-off of its business into a separate listing. The stock price soared by 16.3% to HKD 98, reaching a new one-month high. However, the gains have since narrowed to 12.7%. Despite the correction, Alibaba remained the best-performing blue-chip stock. Other technology giants such as Meituan, JD.com, Tencent, and Xiaomi also saw gains of 1.3% to 4.8%.

Financial stocks also performed well, following the general uptrend in the market. Hong Kong Exchanges and Clearing Limited (HKEX) was one of the best performers, with its stock price rising by 3.3%. This was followed by a 2% gain for AIA Group Limited (AIA), a 1.1% gain for Ping An Insurance (Group) Company of China, Ltd., and a 0.9% gain for Industrial and Commercial Bank of China Limited (ICBC). Other financial heavyweights, including China Construction Bank Corporation and HSBC Holdings plc, saw modest gains of 0.4% and 0.1%, respectively.