Hong Kong Stock Market Update: Tech stocks continue to rise, with the Hang Seng TECH Index surging nearly 4%. Multiple stocks have seen gains of over 5%.
Tech stocks on the Hong Kong Stock Exchange continued to rise in early trading, driving the Hang Seng TECH Index up nearly 4%. BABA-SW rose 5.94%, and KUAISHOU-W rose 5.61%. Alibaba will announce its financial results for the third quarter of the 2024 fiscal year on February 7th.
Zhitong App learned that the technology stocks continued to rise in the morning session, driving the Hang Seng Tech Index up nearly 4% at one point. As of the time of writing, Alibaba-SW (09988) rose 5.94% to HKD 74.85; KUAISHOU-W (01024) rose 5.61% to HKD 42.35; MEITUAN (03690) rose 5.15% to HKD 68.4; and SENSING-W (00020) rose 5.13% to HKD 0.82.
In terms of news, the Nasdaq Golden Dragon China Index closed up 0.20% overnight. Among the popular Chinese concept stocks, Alibaba stood out with a 3.87% increase, closing with a market value of USD 190 billion, while JD.com rose 2.8% and NetEase rose over 1.8%. Alibaba will announce its financial report for the third quarter of the 2024 fiscal year before the opening of the US stock market on February 7th, which is half a month earlier than usual. Analysts expect BABA-SWR Q3 revenue to be CNY 261.71 billion, a YoY increase of 6%.
Guotai Junan previously pointed out that if domestic policy expectations heat up and are combined with marginal easing of overseas liquidity, growth-oriented styles represented by the Hang Seng Tech Index may become more dominant. A Morgan Stanley report stated that looking ahead to this year, stock selection strategies driven by investment returns will continue to provide good risk returns. The themes for this year include the increasing influence of mainland cross-border e-commerce in the international market, monetization of generative AI, the continued transformation of the mainland e-commerce market portfolio, and a greater emphasis on shareholder investment returns.