Hong Kong stocks close higher, blue chips performance varies

Hong Kong stocks rose for the fourth day in a row on Friday, with the blue chip index ending the week above the 25,000 mark boosted by technology stocks, while other blue chips recorded diverse performance.

The Heng Seng Index opened up 1.09 percent but gains were pared at noon. The benchmark index was up 0.32% to end the day at 25,327, the highest close of the week in a four days winning streak. 

Technology stocks led the market rally as Tencent surged 1.59% to HK$458.2. Meituan followed by jumping 2.6% to HK$289.8.

JD.com rose 5.17% to HK$329.4 as it’s sales during the Double Eleven Event achieved a record high of 349 million yuan. Alibaba dropped 0.49% to HK$162.4 as gross merchandise volume from its online shopping platform, Tmall, dropped.

Mobile device stocks recorded diverse performances. Sunny Optical was the best performing blue chip stock, rocketing 4.72% to HK$226.0. Meanwhile, Semiconductor Manufacturing International Corporation (SMIC) dropped 3.8% to HK$22.6. SMIC’s deputy chairman of the board and executive director Chiang Sheung-yee announced his resignation on Thursday.

Haidilao decreased 9.01% to HK$20.2, making it the biggest loser among all blue chips.

The economy in mainland China remains weak due to inflation. This might affect enterprises’ profitability, Yiu Ho-yin, managing director of Cash Wealth Management told Oriental Daily News.

HSCE and the SSE Composite Index grew 0.73% and 0.18% respectively, while the CSI 300 Index fell 0.21%.