Hong Kong's three major stock indices all moved higher collectively. As of the midday close, the Hang Seng Index rose 3.09% to 24,659.03, the Hang Seng Tech Index gained 4.79%, and the China Enterprises Index advanced 3.04%.
On the board, internet technology stocks rose broadly, with Meituan (ASX: 03690) up over 8%, while NetEase (ASX: 09999), Alibaba (ASX: 09988), and Xiaomi (ASX: 01810) each climbed more than 7%. Auto stocks pushed higher, with Li Auto (ASX: 02015) rising over 8%. Gold stocks extended their rally, as Zijin Gold International (ASX: 02259) gained more than 6%. Memory chip concept stocks weakened, with the CSOP SK Hynix Daily Leveraged (2x) product dropping over 17%.
Auto stocks climb higher, Li Auto up over 8%.
According to data from the General Administration of Customs compiled by the China Association of Automobile Manufacturers, in September, the total import and export value of automotive goods reached $33.44 billion, up 9.3% month-on-month and 34.3% year-on-year. Of that, import value stood at $2.47 billion, down 11.1% month-on-month and 36.0% year-on-year, while export value reached $30.97 billion, up 11.3% month-on-month and 47.2% year-on-year.
Gold stocks extend gains, Zijin Gold International up over 6%.
Spot gold continued to strengthen after breaking through the $4,000 mark in the afternoon of November 4. In the morning of November 5, spot gold climbed above $4,100 per ounce. The U.S. midterm election results brought positive news on the interest rate front. After Democrats regained control of Congress, the market expects a marginal repair in fiscal discipline and a weaker dollar, providing support for dollar-denominated gold. Additionally, central bank gold purchases provide fundamental support. The World Gold Council's third-quarter report released on November 3 showed that global central banks added a net 321 tonnes to their gold reserves in the third quarter, up 42% year-on-year, marking the highest single-quarter increase since the fourth quarter of 2024. This data reinforces the long-term allocation logic for gold.
Memory chip concept stocks weaken, CSOP SK Hynix Daily Leveraged (2x) product drops over 17%.
Today, the Korea Exchange activated the SIDECAR mechanism, suspending programmatic selling on the KOSPI. In the overnight U.S. stock market, the three major indices rose due to reduced political uncertainty and a sharp drop in international oil prices. As the market worries that Democrats will tighten regulations on artificial intelligence (AI) data centers, semiconductor stocks and data center-related shares were sold off.
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