Hong Kong Stocks Book Gains on Tech-Fueled Rally; CMOC Jumps 9%

MT Newswires Live

03-24

Hong Kong stocks rebounded to start the week in green as tech firms led the rally and the prospect of controlled tariffs from the US eased investor concerns.

The Hang Seng Index rose 0.91%, or 215.84 points, to end at 23,905.56. The Hang Seng China Enterprises Index added 1.24%, or 108.25 points, to 8,850.69.

The rally was led by tech firms booking substantial gains on Monday.

In particular, tech giants Xiaomi (HKG:1810) and Alibaba Group (HKG:9988) rose 4% and 2%, respectively, with chipmaker Semiconductor Manufacturing International or SMIC (HKG:0981, SHA:688981) rising 3%.

Investor sentiment improved as trade tensions took a backseat, driven by optimism that the next round of tariffs by the Donald Trump-led US government next week will be more focused, according to a Bloomberg report.

In corporate news, CMOC (HKG:3993, SHA:603993) surged 9% in Hong Kong after its attributable profit for the year 2024 rose 64% to 13.5 billion yuan.

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