Hong Kong Stocks Advance as Tech Rally Extends; Four Firms Make Mixed Debuts

MT Newswires Live16:46

Hong Kong stocks closed higher Wednesday as technology shares rallied despite renewed geopolitical tensions in the Middle East.

The Hang Seng Index surged 3%, or 702.57 points, to close at 24,199.46, while the Hang Seng China Enterprises Index jumped 4%, or 313.96 points, to finish at 8,084.22.

Technology stocks led the advance as investors grew more confident that upcoming lock-up expiries would have a limited impact on the market, following several cornerstone investors' reaffirmations of their long-term holdings.

Meanwhile, the U.S. said it struck Iranian air defenses, coastal surveillance systems and drone launch sites, while Iran's Revolutionary Guards said they targeted U.S. military facilities in Bahrain and Kuwait.

Washington also moved to revoke a waiver allowing Iran to sell oil on global markets, a step Tehran said violated the framework agreement to end the conflict.

In corporate news, four companies made their debut on the Hong Kong main board.

Momenta Global (HKG:6880) ended the session flat at HK$295.60, matching its offer price.

EACON (HKG:7687) closed nearly 10% higher at HK$96.70, compared with its offer price of HK$87.92.

BASiC Semiconductor (HKG:9971) ended the session 5% higher at HK$33.22, versus its offer price of HK$31.62.

Reconova Technologies (HKG:7656) closed 3% lower at HK$21.00, compared with its offer price of HK$21.66.

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