Hang Seng Index opened higher by 48 points at 22,664 before extending its rally, climbing as much as 418 points to reach an intraday high of 23,034. By late morning, the index was up 406 points, or 1.79%, at 23,022, with turnover on the main board totalling HK$1.168 billion. At 10.50am local time, the index was trading at 22,951.64, up 335.41 points or 1.48%.
Technology stocks led the charge, with Tencent rising 2.3%, Alibaba surging 4.6%, Meituan gaining 1.6%, Xiaomi climbing 5.9%, JD.com up 1%, and Kuaishou advancing 4.1%.
Financial stocks also supported the market's momentum, with HSBC Holdings up 1.6%, AIA Group gaining 1.1%, Ping An Insurance rising 0.6%, and Hong Kong Exchanges and Clearing climbing 1.1%.
The automotive sector posted robust gains, with BYD Co. advancing 4.5%, Geely Automobile rising 5%, and both XPeng Motors and Li Auto up 2.4%. NIO also added 1%.
Chinese telecom stocks continued their upward trajectory, with China Unicom gaining 1.1% and China Telecom rising 1.9%.
Semiconductor stocks performed well, with Semiconductor Manufacturing International Corp. (SMIC) edging up 0.3% and Hua Hong Semiconductor surging 3.6%.
Shares of Tam Jai International Co. soared by 62.2% after its controlling shareholder proposed a privatisation deal, following the resumption of trading.
Source: Dimsumdaily.HK
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