Business Intelligence (BI)
HSI Climbs 139 Points; Tech Stocks Lead, Hengan Shares Rise on Positive Earnings
20 August 2024
|
Zaker Adham
Hong Kong's stock market saw an uptick today, driven largely by gains in the technology sector.
The Hang Seng Index (HSI) opened 139 points higher and continued to build on those gains throughout the morning, reaching a peak of 17,685, a 255-point increase. However, the afternoon session saw a pullback as a surge in the Japanese yen pressured Japanese stocks, causing the local market to trim its gains. The HSI ultimately closed with a 139-point rise, or 0.8%, ending the day at 17,569. The Hang Seng China Enterprises Index (HSCEI) added 63 points, or 1%, to finish at 6,225, while the Hang Seng Tech Index (HSTECH) climbed 58 points, or 1.7%, closing at 3,517. Total market turnover for the day amounted to $94.415 billion.
Several companies reported their earnings at midday, with notable results influencing stock movements. CHINA RES BEER (00291.HK) reported a 1% increase in interim net profit and announced a higher interim dividend, leading to a 0.4% gain in its stock price. HENGAN INT'L (01044.HK) saw its interim net profit rise by 15%, maintaining its interim dividend at RMB70 cents, which boosted its shares by 3.2%. CHINA STATE CONSTRUCTION (03311.HK) also reported a 13% increase in interim net profit, pushing its stock up by 3.2%.
In other tech-related news, the HSCEI added J&T EXPRESS-W (01519.HK) and NEW ORIENTAL-S (09901.HK) to its ranks while excluding SENSETIME-W (00020.HK) and JD LOGISTICS (02618.HK). J&T EXPRESS-W surged 6.2%, NEW ORIENTAL-S gained 1.1%, SENSETIME-W advanced 1.8%, and JD LOGISTICS soared 5.1% after receiving favorable reviews from brokers. JD-SW (09618.HK) rose 3.9%, buoyed by positive broker comments following its earnings release. JD HEALTH (06618.HK) experienced a significant jump, closing up 7.9%. Meanwhile, shares of BABA-SW (09988.HK), BIDU-SW (09888.HK), NTES-SW (09999.HK), and BILIBILI-W (09626.HK) posted gains ranging from 1.7% to 2.4%. TENCENT (00700.HK) remained steady at $372.6, while MEITUAN-W (03690.HK) inched up by 0.9%.