Hong Kong Stocks Open Sharply Higher as Hang Seng Index Reclaims 24,000 Points; Tech and Storage Shares Rally

Deep News10-21 09:30

Hong Kong's three major stock indices all opened higher today, with the Hang Seng Index rising 1.14% at the open to 24,139.11 points, the Hang Seng Tech Index climbing 1.6%, and the China Enterprises Index gaining 1.36%.

On Wall Street overnight, the three major indices closed mixed, with the Dow Jones Industrial Average and the S&P 500 rising 1.0% and 0.3% respectively, while the Nasdaq slipped 0.02%. The United States and Iran continue to hold negotiations, though reports suggesting the two sides are about to reach a peace agreement are believed to be inaccurate. Even so, CME currently puts the probability of a U.S. rate hike in October at just 16.1%.

On the sector front, tech-related stocks broadly advanced, with Lenovo Group Ltd gaining more than 6% and Alibaba Group Holding Ltd up over 2%. Storage-related concept stocks recovered, with the CSOP SK Hynix Daily Leveraged (2x) product surging more than 14%. PCB concept stocks rose across the board, as Kingboard Laminates Holdings Ltd climbed over 4%. Innovative drug concept stocks were active, with BeiGene Ltd rising more than 4%.

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