Hang Seng Index Gains 0.30% in Morning Session; Copper and Resource Stocks Lead Advance

Stock News05-12 12:12

The Hang Seng Index rose 0.30%, adding 79 points to reach 26,486 in morning trading. The Hang Seng Tech Index declined 0.39%. Morning turnover on the Hong Kong market was HK$140.4 billion.

Oil prices remained elevated as US-Iran negotiations reached a stalemate. PetroChina (00857) advanced 4.6%, while CNOOC (00883) gained 1.95%.

Copper stocks strengthened in the morning session. International copper prices reached record highs, maintaining structural resilience amid geopolitical tensions. JIANGXI COPPER (00358) rose 3%; MMG (01208) increased 2%; CHINFMINING (01258) climbed 3.19%.

Gold stocks were among the top gainers. CHINAGOLDINTL (02099) surged over 2.3%; ZIJIN MINING (02899) added 2.2%.

Overnight gains in US optical communication concept stocks lifted YOFC (06869), which at one point rose over 4% to a new high. NUOBIKAN (02635) rebounded more than 26%, with the company stating it was unaware of the incident related to Hengxin Dongfang.

High-speed rail concept stocks moved higher. A 20% fare increase on some Beijing-Shanghai high-speed rail lines, coupled with high oil prices, highlighted the substitutability of high-speed rail for passenger transport. CRRC (01766) jumped 4.4%; GUANGSHEN RAIL (00525) gained 3.6%.

DONGFANG ELEC (01072) rose over 3%, as institutions are optimistic about the profit contribution from the overseas expansion of its independently developed G50 gas turbine.

BWI INT'L (02339) surged another 9%, following a 49% gain upon its trading resumption yesterday, on news of a potential change in controlling shareholder to Luxshare Precision.

SMOORE INTL (06969) advanced over 3% after the FDA's first approval of a flavored e-cigarette, which is expected to significantly benefit compliant suppliers.

Pork concept stocks led the declines. Muyuan Foods Co.,Ltd.'s (02714) April hog prices fell below the cost line, strengthening expectations for industry capacity reduction among analysts. The stock fell 2.86%. COFCO JOYCOME (01610) declined 2.88%.

WEICHAI POWER (02338) dropped 2.79%, as its LNG heavy-duty truck business may face near-term pressure, with analysts noting the market is currently reassessing the company.

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