Hang Seng Index trend丨Continued rise over 400 points in the afternoon, struggling around the 23100 level.

After Hong Kong stocks slid a cumulative 1,252 points last week and fell below the 23,000-point level, this morning they washed away the losses and sentiment turned around. The Hang Seng Index rebounded by more than 500 points, returning above the 23,000-point mark. By the first half of the session, it was up 482 points. In the early part of the afternoon trading, it was still up by more than 400 points, hovering around the 23,100-point level.

The Hang Seng Index opened 155 points higher, at 22,827 points. After a period of tug-of-war around the 22,800-point area in the early trading hours, the “friends” suddenly launched an attack. The index kept rising more and more strongly. In the late stage of the morning session, it rose by as much as 511 points, hitting a high of 23,183 points. By noon, the Hang Seng Index closed at 23,153 points, up 482 points. In the afternoon, the rally narrowed slightly; although there was no further push from the “friends,” it was still up by more than 400 points. As of 1:18 p.m., the Hang Seng Index was up 445 points, or 1.97%, at 23,117 points.

The Hang Seng China Enterprises Index (HSCEI) rose 193 points, or 2.59%, to 7,654 points. The Hang Seng Tech Index rose 148 points, or 3.48%, to 4,403 points.

Pharmaceutical stocks were strong. CSPC Pharmaceutical (01093) was up 10.6%, to 7.4 yuan; Innovent Biologics (01801) was up 8.6%, to 81.6 yuan. China Biopharmaceutical (01177) was up 8%, to 4.6 yuan, at present among the best-performing one or two blue-chip stocks.

Tech stocks regained momentum. Baidu (09888) unit Kunlun Chip, according to reports, has an intended listing valuation target of 50 billion US dollars (approximately 3,900 billion HK dollars), up 6.9%, to 105.6 yuan. Meituan (03690): the company’s chief financial officer, Chen Shaohui, said earlier that the company’s value has been severely underestimated and it plans to repurchase shares, up 7.3%, to 68.95 yuan. JD.com (09618) was up 5%, to 100.8 yuan; Tencent (00700) was up 3.1%, to 424.4 yuan; Alibaba (09988) was up 5.4%, to 94.3 yuan; Xiaomi (01810) was up 3.7%, to 22.22 yuan.

HSBC (00005) fell 1.2% against the trend, to 146 yuan. Lenovo Group (00992) fell 10.8%, to 20.9 yuan; Sunny Optical (02382) fell 2.1%, to 59.6 yuan, currently the worst-performing blue-chip stock.

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