The Hang Seng Index gained 0.5 per cent to 24,182.88 at 9.50am local time on Wednesday, while the Hang Seng Tech Index declined 0.5 per cent. On the mainland, the Shanghai Composite Index lost 0.2 per cent and the CSI 300 Index weakened 0.1 per cent.
Casino operator Galaxy Entertainment Group jumped 6.7 per cent to HK$37.20. E-commerce leader Alibaba Group advanced 1.2 per cent to HK$111.10, while peer JD.com added 1.6 per cent to HK$130. On-demand delivery platform operator Meituan gained 0.6 per cent to HK$126, while search-engine operator Baidu rose 1.8 per cent to HK$84.95.
Mainland buying of Hong Kong stocks reached HK$731.2 billion (US$93 billion) in the first half, according to data from the Hong Kong bourse and Bloomberg, or 90 per cent of last year’s purchases. Southbound net purchases amounted to HK$808 billion in 2024, a record since the Stock Connect link started in 2014.
At a high-level meeting chaired by President Xi Jinping on Tuesday, China vowed to deepen the push for a unified national market, emphasising the need to curb aggressive price competition, guide companies to improve product quality and ensure fair state procurement practices, Xinhua News Agency reported on Tuesday.
Bank and property stocks were resilient, despite recent increases in borrowing costs after local banking liquidity tightened as a result of currency market intervention. Sun Hung Kai Properties jumped 2.4 per cent to HK$92.25, while Construction Bank climbed 2.5 per cent to HK$8.11.
