Hong Kong stocks trend | Hang Seng Index opens 1 point higher with no clear direction, SMIC opens over 3% higher after earnings report

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U.S. stocks continued to rise overnight, with the Dow Jones Industrial Average and Nasdaq both hitting new all-time highs at the open and close. The Dow surpassed the 50k-point mark again, but the Nasdaq Golden Dragon Index, reflecting Chinese concept stocks, fell 3.37%. Hong Kong stocks remained sluggish; after a brief rally with a high open and a low close yesterday, this morning’s market opened without a clear direction, with the Hang Seng Index opening 1 point higher.

Hang Seng Index opened up 1 point or 0.01%, at 26,391 points.

The China Enterprises Index opened down 23 points or 0.26%, at 8,835 points.

The Tech Index opened down 6 points or 0.13%, at 5,069 points.

Among 90 blue chips, 28 opened higher, 41 opened lower, with performance stocks continuing to be the market focus.

SMIC (00981) reported a 5% increase in first-quarter profit, opening 3.4% higher this morning at 73.9 HKD, making it the best-performing blue chip at market open.

In tech and internet stocks, Alibaba (09988) remained stable, opening 0.1% higher at 138 HKD; Tencent (00700) opened 0.9% higher at 459 HKD; Baidu (09888) opened 0.6% lower at 140 HKD. Meituan (03690) opened 1.4% lower at 84.5 HKD; Xiaomi (01810) opened 0.4% lower at 31.6 HKD; Kuaishou (01024) opened 0.2% lower at 50.75 HKD; JD.com (09618) opened 0.2% higher at 130.3 HKD.

Pop Mart (09992) opened 0.9% higher at 155.2 HKD; HSBC (00005) opened 0.4% higher at 141 HKD. Li Auto (02015) opened 2.3% lower at 75.05 HKD, making it the worst-performing blue chip at market open.

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