Hong Kong Stocks Open Higher: Hang Seng Index Up 0.23%, Energy and Pharma Shares Lead Gains as Midea Group (00300) Rises 3.90%

Stock News10-30

On October 30, the Hang Seng Index opened 0.23% higher at 23,011.29 points; the Hang Seng Tech Index fell 0.63% to 3,720.49 points; the State-Owned Enterprises Index rose 0.31% to 7,779.51 points; and the Hang Seng China-Affiliated Corporations Index gained 0.23% to 3,861.85 points.

Energy and pharmaceutical stocks showed strength, with the Hang Seng Energy Industry Index rising 0.69%, the largest gain among the 12 Hang Seng industry indices; the Hang Seng Healthcare Industry Index rose 0.55%, the Hang Seng Consumer Staples Index rose 0.53%, and the Hang Seng Financials Industry Index rose 0.49%.

Among the top three gainers on the Hang Seng Index were New Oriental Education & Technology Group Inc. (09901) up 3.92%, Midea Group Co., Ltd. (00300) up 3.90%, and Tingyi (Cayman Islands) Holding Corp. (00322) up 3.41%; the top three gainers on the Hang Seng Tech Index were Midea Group Co., Ltd. (00300) up 3.90%, Trip.com Group Limited (09961) up 1.87%, and Xiaomi Corporation (01810) up 1.56%.

On the downside, the Hang Seng Information Technology Industry Index fell 0.77%, the Hang Seng Industrials Index dropped 0.86%, and the Hang Seng Materials Industry Index declined 0.92%. Among Hang Seng Index constituents, Weichai Power Co., Ltd. (02338) fell 4.37% and Hua Hong Semiconductor Limited (01347) dropped 3.95%, leading the declines.

Of the 94 Hang Seng Index constituents that had already opened for trading, 54 advanced, 26 declined, and 14 were flat; of the 30 Hang Seng Tech Index constituents, 11 rose, 15 fell, and 4 were unchanged.

Overnight, the three major U.S. stock indices all closed lower: the Dow Jones Industrial Average fell 0.25% to 52,342.56 points, the S&P 500 Index dropped 0.30% to 7,720.39 points, and the Nasdaq Composite Index declined 1.38% to 26,184.72 points; the Philadelphia Semiconductor Index fell 1.42%, ending a four-day winning streak.

In the previous trading session on October 29, the Hang Seng Index closed down 0.59% at 22,958.65 points; the Hang Seng Tech Index fell 2.84% to 3,744.14 points.

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