Hong Kong Stocks Rise for Third Consecutive Day

Hong Kong's stock market experienced gains for the third consecutive day, with the Hang Seng Index initially dropping around 50 points before reversing to rise by over 140 points. According to RTHK, the index closed at midday at 27,299 points, marking an increase of 116 points or 0.4%. The main board's turnover exceeded HKD 118.6 billion. The technology index rose by over 1%, reaching 5,510 points. Among the ATMXJ stocks, Xiaomi saw the largest increase, rising nearly 5%, while Tencent showed slight weakness. Automobile stocks performed well, with Li Auto and BYD shares increasing by more than 3%. Additionally, Techtronic Industries surged nearly 6%, making it the top-performing blue-chip stock for the half-day. Pharmaceutical stocks showed mixed results, with WuXi Biologics rising over 3% as the company anticipates a 46% profit growth for the previous year. Semiconductor Manufacturing International Corporation (SMIC) faced selling pressure following its earnings report, dropping nearly 4% and becoming the worst-performing component of both the Hang Seng and technology indices. Insurance stocks declined, with China Life Insurance falling close to 3% and Ping An Insurance dropping over 1%. Meanwhile, Leading Intelligent Equipment, a new energy smart equipment manufacturer, debuted on the market, trading over 0.4% higher than its initial public offering price at midday.