ET Net News Service, 9th September: U.S. bond yields softened, yet Middle East tensions persist and oil prices rose, causing overnight declines across most European and U.S. markets. Asian markets generally weakened this morning, but Hong Kong stocks stood out. After yesterday's drop below 24,000, Hong Kong shares regained the 24,000 level today, driven by financial and technology stocks. The Hang Seng Index closed the morning session at 24,045, up 259 points or 1.1%, with main board turnover nearing HK$111.7 billion. The Hang Seng China Enterprises Index stood at 8,085, up 75 points or 0.9%. The Hang Seng Tech Index reached 4,136, up 62 points or 1.5%.
The U.S. Treasury auctioned $22 billion in 30-year bonds, with a winning yield of 5.618%, the highest since August 2000. The bid-to-cover ratio was 2.54 times, above recent averages, indicating solid market demand that helped push long-term yields lower. Technology stocks rebounded collectively: Alibaba (09988) rose 1.4% to HK$105.80; Tencent (00700) gained 1.9% to HK$419.20; Baidu (09888) edged up 0.3% to HK$82.40. Additionally, Xiaomi reported 70,000 orders for its Pengcheng series within the first month of launch, sending Xiaomi (01810) surging 7.2% to HK$25.36, leading the blue chips.
With bond yields retreating, financial stocks also stabilized: HSBC (00005) rose 1.8% to HK$145.20; AIA (01299) gained 2.8% to HK$71.20; BOCHK (02388) advanced 1.6% to HK$49.26.
Reports indicate that U.S. AI model startup OpenAI informed investors that its annualized revenue as of the end of September reached approximately $50 billion, nearly $20 billion lower than the previously reported $68 billion in late August, intensifying market concerns over an AI bubble. Overnight, chip stocks plunged, dragging down Hong Kong shares: SMIC (00981) fell 1.6% to HK$55.90; Hua Hong Semiconductor (01347) dropped 3.7% to HK$92.10; GigaDevice (03986) declined 4.6% to HK$380.60; Montage Technology (06809) fell 3.6% to HK$263.60.
The biotech index fell for a third consecutive day: WuXi Biologics (02269) dropped 3.2% to HK$52.35; CSPC Pharmaceutical Group (01093) fell 1.9% to HK$9.105; Innovent Biologics (01801) declined 1.2% to HK$91.45; XtalPi (02228) fell 3.6% to HK$6.88.
The top three most actively traded HSI constituents were WuXi Biologics, Tencent, and Xiaomi; the top three most actively traded HSCEI constituents were Tencent, Xiaomi, and Alibaba. (nw)
The U.S. Treasury auctioned $22 billion in 30-year bonds, with a winning yield of 5.618%, the highest since August 2000. The bid-to-cover ratio was 2.54 times, above recent averages, indicating solid market demand that helped push long-term yields lower. Technology stocks rebounded collectively: Alibaba (09988) rose 1.4% to HK$105.80; Tencent (00700) gained 1.9% to HK$419.20; Baidu (09888) edged up 0.3% to HK$82.40. Additionally, Xiaomi reported 70,000 orders for its Pengcheng series within the first month of launch, sending Xiaomi (01810) surging 7.2% to HK$25.36, leading the blue chips.
With bond yields retreating, financial stocks also stabilized: HSBC (00005) rose 1.8% to HK$145.20; AIA (01299) gained 2.8% to HK$71.20; BOCHK (02388) advanced 1.6% to HK$49.26.
Reports indicate that U.S. AI model startup OpenAI informed investors that its annualized revenue as of the end of September reached approximately $50 billion, nearly $20 billion lower than the previously reported $68 billion in late August, intensifying market concerns over an AI bubble. Overnight, chip stocks plunged, dragging down Hong Kong shares: SMIC (00981) fell 1.6% to HK$55.90; Hua Hong Semiconductor (01347) dropped 3.7% to HK$92.10; GigaDevice (03986) declined 4.6% to HK$380.60; Montage Technology (06809) fell 3.6% to HK$263.60.
The biotech index fell for a third consecutive day: WuXi Biologics (02269) dropped 3.2% to HK$52.35; CSPC Pharmaceutical Group (01093) fell 1.9% to HK$9.105; Innovent Biologics (01801) declined 1.2% to HK$91.45; XtalPi (02228) fell 3.6% to HK$6.88.
The top three most actively traded HSI constituents were WuXi Biologics, Tencent, and Xiaomi; the top three most actively traded HSCEI constituents were Tencent, Xiaomi, and Alibaba. (nw)
