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Hang Seng Index trend | Rises over 700 points in afternoon, Alibaba surges over 10%
After dropping 119 points the previous day, Hong Kong stocks opened higher and continued to rise today. Led by tech stocks, the Hang Seng Index extended gains to over 700 points in early afternoon trading, reclaiming the 24,000-point mark and the 20-day moving average (currently at 23,768 points).
The Hang Seng Index opened 44 points higher at 23,541, which is the intraday low so far. Bulls quickly gained strength, and the market's gains rapidly expanded, rising 560 points by midday. In early afternoon trading, the index broke above the morning high, extending gains to over 700 points to reach the 24,200 level. As of 1:44 pm, the Hang Seng Index was up 725 points or 3.09% at 24,222; the H-Share Index rose 307 points or 3.95% to 8,077; and the Tech Index gained 223 points or 4.97% to 4,730.
Tech and internet stocks were strong. Alibaba (09988) widened its gains to 11.5%, reaching HK$106.9, currently the best-performing blue chip. Tencent (00700) rose 3.4% to HK$476.8; Meituan (03690) gained 1.6% to HK$79.6; Kuaishou (01024), which plunged 12% the previous day, rebounded 7.6% to HK$43.52; Xiaomi (01810) gained 6.8% to HK$24.68; Baidu (09888) rose 5.5% to HK$116.7; JD.com (09618) added 3.5% to HK$108.1; NetEase (09999) rose 3.6% to HK$212.6.
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