{Economic Information Daily, 28th} U.S. President Trump rejected Iran's proposal to reopen the Strait of Hormuz, boosting oil prices. Markets are awaiting a new round of U.S.-Iran talks and several key data releases in the U.S. this week. The Hang Seng Index opened higher by dozens of points and rose over 200 points at one stage in early trading, driven by mainland banks and select tech and internet stocks. However, A-shares moved downward, with the Shanghai Composite Index falling to a one-and-a-half-month low and the Shenzhen Index dropping to its lowest level this year. The early northbound inflow reversed, turning into a net outflow of 6.5 billion yuan for the day, dragging down the market's gains. The Hang Seng Index closed at 24,642, up 132 points or 0.5%. Turnover on the main board was nearly 177.5 billion yuan. The Hang Seng China Enterprises Index closed at 8,216, up 51 points or 0.6%. The Hang Seng Tech Index closed at 4,296, down 15 points or 0.4%.
With no resolution in sight for Strait of Hormuz navigation, oil prices rebounded. PetroChina (00857) rose 3.1% to HK$9.70; CNOOC (00883) gained 1.2% to HK$23.68; Sinopec (00386) rose 1.7% to HK$4.50.
Mainland banks broadly gained: ICBC (01398) rose 2.5% to HK$7.705; CCB (00939) gained 1.5% to HK$9.675; ABC (01288) rose 0.5% to HK$6.545; BOC (03988) gained 1.6% to HK$6.075.
Tech and internet stocks moved individually: Alibaba (09988) fell 0.6% to HK$107.7; Tencent (00700) rose 0.7% to HK$439.8; Baidu (09888) gained 0.3% to HK$85.55; JD.com (09618) rose 0.8% to HK$104.5; Meituan (03690) gained 0.3% to HK$71.9; NetEase (09999) rose 4.9% to HK$189.7, the largest gain among blue chips.
Mainland consumer stocks rose: Nongfu Spring (09633) gained 2.8% to HK$39.46; Mengniu Dairy (02319) rose 2.7% to HK$18.01; China Resources Beer (00291) gained 2.6% to HK$18.87; Li Ning (02331) rose 1.7% to HK$12.45; Shenzhou International (02313) gained 1.3% to HK$34.54; Anta Sports (02020) rose 1.1% to HK$72.
Mainland property stocks were supported: China Overseas (00688) rose 3.8% to HK$12.89; China Resources Land (01109) gained 2.9% to HK$29.46; Longfor (00960) rose 2.3% to HK$5.45.
AI hardware stocks sold off: Hua Hong Semiconductor (01347) fell 4.6% to HK$105.3; Lenovo Group (00992) dropped 4.5% to HK$35.5, among the two largest decliners among blue chips; SMIC (00981) also fell 3.6% to HK$61.05.
Non-blue chip AI hardware stocks: Yangtze Optical Fibre and Cable (06869) plunged 16.6% to HK$155.5; Zhongji Xuchuang (03308) dropped 12.2% to HK$1,028; Shenghong Technology (02476) fell 10.1% to HK$194.1; TianShu ZhiXin (09903) dropped 11.4% to HK$109.1; Biren Technology (06082) fell 8.2% to HK$35.04; GigaDevice (03986) declined 7.2% to HK$448.2; Montage Technology (06809) fell 5.1% to HK$285.2.
Spot gold price fell below USD 4,200 per ounce, dragging down gold mining stocks: Zijin Mining (02899) dropped 2.6% to HK$31.64; Zhaojin Mining Industry (01818) fell 5.8% to HK$17.27; Shandong Gold (01787) plunged 9.4% to HK$18.13; Lingbao Gold (03330) dropped 10% to HK$19.08; Chifeng Gold (06693) fell 5.2% to HK$33.8; Zijin Gold International (02259) declined 2.9% to HK$138.9.
The top three most actively traded stocks in the Hang Seng Index were Tencent, Alibaba, and SMIC; Tencent recorded turnover of HK$6.774 billion; Alibaba HK$4.871 billion; SMIC HK$3.333 billion. (vs)
With no resolution in sight for Strait of Hormuz navigation, oil prices rebounded. PetroChina (00857) rose 3.1% to HK$9.70; CNOOC (00883) gained 1.2% to HK$23.68; Sinopec (00386) rose 1.7% to HK$4.50.
Mainland banks broadly gained: ICBC (01398) rose 2.5% to HK$7.705; CCB (00939) gained 1.5% to HK$9.675; ABC (01288) rose 0.5% to HK$6.545; BOC (03988) gained 1.6% to HK$6.075.
Tech and internet stocks moved individually: Alibaba (09988) fell 0.6% to HK$107.7; Tencent (00700) rose 0.7% to HK$439.8; Baidu (09888) gained 0.3% to HK$85.55; JD.com (09618) rose 0.8% to HK$104.5; Meituan (03690) gained 0.3% to HK$71.9; NetEase (09999) rose 4.9% to HK$189.7, the largest gain among blue chips.
Mainland consumer stocks rose: Nongfu Spring (09633) gained 2.8% to HK$39.46; Mengniu Dairy (02319) rose 2.7% to HK$18.01; China Resources Beer (00291) gained 2.6% to HK$18.87; Li Ning (02331) rose 1.7% to HK$12.45; Shenzhou International (02313) gained 1.3% to HK$34.54; Anta Sports (02020) rose 1.1% to HK$72.
Mainland property stocks were supported: China Overseas (00688) rose 3.8% to HK$12.89; China Resources Land (01109) gained 2.9% to HK$29.46; Longfor (00960) rose 2.3% to HK$5.45.
AI hardware stocks sold off: Hua Hong Semiconductor (01347) fell 4.6% to HK$105.3; Lenovo Group (00992) dropped 4.5% to HK$35.5, among the two largest decliners among blue chips; SMIC (00981) also fell 3.6% to HK$61.05.
Non-blue chip AI hardware stocks: Yangtze Optical Fibre and Cable (06869) plunged 16.6% to HK$155.5; Zhongji Xuchuang (03308) dropped 12.2% to HK$1,028; Shenghong Technology (02476) fell 10.1% to HK$194.1; TianShu ZhiXin (09903) dropped 11.4% to HK$109.1; Biren Technology (06082) fell 8.2% to HK$35.04; GigaDevice (03986) declined 7.2% to HK$448.2; Montage Technology (06809) fell 5.1% to HK$285.2.
Spot gold price fell below USD 4,200 per ounce, dragging down gold mining stocks: Zijin Mining (02899) dropped 2.6% to HK$31.64; Zhaojin Mining Industry (01818) fell 5.8% to HK$17.27; Shandong Gold (01787) plunged 9.4% to HK$18.13; Lingbao Gold (03330) dropped 10% to HK$19.08; Chifeng Gold (06693) fell 5.2% to HK$33.8; Zijin Gold International (02259) declined 2.9% to HK$138.9.
The top three most actively traded stocks in the Hang Seng Index were Tencent, Alibaba, and SMIC; Tencent recorded turnover of HK$6.774 billion; Alibaba HK$4.871 billion; SMIC HK$3.333 billion. (vs)
