Hong Kong Stocks Surge as Hang Seng Index Hits 18,000 Points
Today, Hong Kong stocks experienced a strong surge, with the Hang Seng Index rising for the eighth consecutive year to reach 18,000 points. The Hang Seng Technology Index also soared by more than 4%, signaling the start of a “big bull” mode in the market.
During the trading session, both the Hang Seng Index and the Hang Seng Technology Index saw significant increases, with the former rising by more than 2% and the latter by more than 4%, reaching new highs for the year. By the close of the session, the Hang Seng Index had risen by 2.5% to 18,207.13 points, while the Hang Seng Technology Index had jumped by 4.45% to 3,865.48 points.
Various sectors, including automobiles, real estate, software, biomedicine, and consumption, performed strongly. Leading AI company SenseTime saw a more than 30% increase in its stock price, while other companies like Weilai, Leapmotor, and Xpeng Motors also experienced significant gains.
Analysts attribute the recent strength in the Hong Kong stock market to the accelerated net inflow of southbound funds, reaching HK$213.5 billion in the first four months of the year. Additionally, favorable policies to enhance cross-border interconnection mechanisms and promote coordinated development between markets have further fueled the market’s upward trend.
In the auto sector, companies like NIO, Xpeng Motors, Li Auto, and Leapmotor reported positive delivery data for April, with NIO delivering 15,620 new cars, a 134.6% year-on-year increase. Weilai also announced a new car purchase plan for May, while Xpeng Motors continued to lead in the pure electric vehicle market.
The real estate sector also saw significant activity, with companies like Country Garden Services, Vanke, and Yuexiu Real Estate posting gains. City governments like Beijing and Changsha have also announced adjustments to housing purchase restriction policies, indicating a potential relaxation in the property market.
SenseTime-W was another standout performer, with its stock surging by 36% and setting a new high in market value. The company showcased its autonomous driving solutions and AI products at the 2024 Beijing Auto Show, indicating strong future growth potential.
Overall, the Hong Kong stock market’s bullish trend reflects a combination of strong market fundamentals, favorable policies, and positive company performance in various sectors. (Source: Securities Times)