The Hang Seng Index showed a positive turn on October 18, 2024, starting the day with a 27-point increase, reaching 20,106 points. It continued to rise, peaking at 20,282 points with a total gain of 203 points before closing at 20,198 points, marking a 0.59% rise. This shift halted a four-day downward trend in the index. The state-owned enterprise index also climbed by 53 points or 0.74%, reaching 7,232 points, while the technology index saw an increase of 21 points, settling at 4,371 points. The main board recorded transactions totaling 22 billion Hong Kong dollars.
Main Points
Major Stock Movements
In the technology sector, notable movements included:
- Tencent: Increased by 0.7%
- Alibaba: Decreased by 0.4%
- Meituan: Rose by 1.3%
- JD.com: Dropped by 1.7%
- Xiaomi Group: Surged by 1.7%
- Kuaishou: Saw a slight increase of 0.1%
Financial stocks remained stable, with:
- HSBC Holdings rising by 1.4%
- Prudential Insurance declining by 0.2%
- China Ping An increasing by 0.7%
- The Hong Kong Stock Exchange seeing a rise of 0.4%
Gold Mining Stocks
The surge in international gold prices positively impacted gold mining stocks:
- Zijin Mining Industry: Increased by 2.5%
- Zhaojin Mining Industry: Rose by 5.3%
- Shandong Gold: Increased by 4.1%
Market Sentiment and Economic Factors
The recent rally in the Hang Seng Index can be attributed to renewed investor confidence following economic stimulus measures from the Chinese government aimed at stabilizing the economy. These measures include cuts in reserve requirements for banks and other financial incentives designed to encourage investment.
Mofiz Chan, chairman of the Hong Kong Securities and Futures Professionals Association, noted that surpassing the 20,000 mark is significant for investor sentiment in Hong Kong’s stock market. He emphasized that when investor confidence rebounds, it often leads to increased buying activity, further driving up stock indices.
Trading Volume and Market Outlook
The trading volume on this day was robust, reflecting heightened interest from investors amid favorable economic news from mainland China. Analysts suggest that while the current upward trend is promising, investors should remain cautious due to potential risks such as geopolitical tensions and regulatory changes.
Full Details
Key Index Performance
| Index | Change (Points) | Percentage Change |
|---|---|---|
| Hang Seng Index | +119 | +0.59% |
| State-Owned Enterprise Index | +53 | +0.74% |
| Technology Index | +21 | +0.48% |
Major Stock Movements
| Stock | Change (%) |
|---|---|
| Tencent | +0.7 |
| Alibaba | -0.4 |
| Meituan | +1.3 |
| JD.com | -1.7 |
| Xiaomi Group | +1.7 |
| Kuaishou | +0.1 |
Financial Sector Performance
| Stock | Change (%) |
|---|---|
| HSBC Holdings | +1.4 |
| Prudential Insurance | -0.2 |
| China Ping An | +0.7 |
| HK Stock Exchange | +0.4 |
Gold Mining Stocks Performance
| Company | Change (%) |
|---|---|
| Zijin Mining Industry | +2.5 |
| Zhaojin Mining Industry | +5.3 |
| Shandong Gold | +4.1 |
