Hong Kong's three major stock indices posted collective gains during the morning trading session on August 28. At the midday close, the Hang Seng Index advanced 0.47% to 25,684.89 points, the Hang Seng Tech Index climbed 0.6%, and the Hang Seng China Enterprises Index rose 0.52%.
In terms of sector performance, technology and internet stocks saw mostly upward momentum, with Bilibili, Tencent, and Xiaomi each surging more than 2%, while Lenovo slipped over 1%. Mainland property developers led the gains, with Sunac China jumping more than 5%. Gold-related equities also regained strength, as China Gold International advanced over 5%. Conversely, semiconductor stocks suffered the steepest declines, with Montage Technology dropping more than 3%.
Mainland property stocks were among the top performers, with Sunac China rising over 5%. This surge comes as multiple Chinese cities, including Beijing, Shanghai, Chengdu, and Xi'an, have recently rolled out supportive housing policies. These measures include adjusting purchase restrictions, lowering down payment ratios, and increasing housing provident fund loan limits. Market analysts believe the precise timing of these policy releases is designed to build momentum for the "golden September and silver October" period, traditionally the peak season for the property market.
Gold stocks rebounded, with China Gold International climbing over 5%. Zhou Puhan, chief strategy analyst at Huafu Securities, noted that a combination of factors—including the U.S. 30-year Treasury yield reaching its highest level since 2007, U.S. debt surpassing $40 trillion, and intervention by the U.S. Treasury Department—has intensified concerns over dollar creditworthiness. As a result, gold has garnered increased market attention as a credit hedge instrument, with its monetary properties driving a revaluation of its worth.
Chip stocks led the losses, with Montage Technology declining more than 3%. This comes as SK Hynix CEO Kwon Noh-jung stated that the company's new factory in Indiana, U.S., will transform the state into a key HBM production hub by 2030. He also noted that the current HBM supply shortage is expected to persist through the end of 2030. Kwon revealed that the first cleanroom at SK Hynix's U.S. packaging plant is scheduled to begin operations in October 2028, with the company's total investment and assets in the U.S. projected to exceed $45 billion by 2030.
Meanwhile, market participants are also monitoring the latest developments in cross-border trading platforms as investment channels continue to evolve.
Comments