Hang Seng Index Surges 310 Points, Recaptures 26,000 Level on Strong Rally
SingTao · 2 SOURCESabout 1 hour ago2 MIN
Summary
Hong Kong's Hang Seng Index surged 310 points to close at 26,004 on Thursday, its highest level in more than six weeks, extending a winning streak to five consecutive sessions. The rally pushed the benchmark above the critical 250-day moving average, known as the "bull-bear line." Market turnover totaled HK$257.2 billion while mainland investors continued their selling spree for the third straight day.
Key Points
- Hang Seng Index rose 310 points to 26,004, a five-session winning streak
- Laopu Gold surged 7.5% to HK$397.80, the best-performing Hang Seng constituent
- Henderson Land Properties jumped 7.2% to HK$30.20 following earnings beat
- Alibaba fell 2.5% to HK$123 after quarterly adjusted profit dropped 38%
- Pop Mart declined 3.1% to HK$149, with Jefferies downgrading the stock
- China Pharma fell 3.5% to HK$9.19 as worst-performing blue chip
- Weekly gain for HSI totaled 892 points or 3.6%, with OOCL up 19.3%
- Southbound flow recorded net outflow of HK$7.63 billion for third consecutive day
- Tencent gained 1.2%, while Xiaomi rose 4.5%
- Gold miners rallied on higher precious metals prices, Zijin Mining up 4.8%
Why It Matters
The index's recovery above the 250-day moving average signals potential technical bullish momentum, though continued southbound selling and mixed earnings results suggest market caution remains. The five-session rally has added nearly 900 points to the HSI this week, with financial and gold-related stocks outperforming as investors rotate away from earnings-disappointed tech names.
The index's recovery above the 250-day moving average signals potential technical bullish momentum, though continued southbound selling and mixed earnings results suggest market caution remains. The five-session rally has added nearly 900 points to the HSI this week, with financial and gold-related stocks outperforming as investors rotate away from earnings-disappointed tech names.