The Hang Seng Index rose 0.2 per cent to 24,226.38 at 11.30am local time, approaching a level not seen since March 20. The Hang Seng Tech Index fell 0.4 per cent. On the mainland, the CSI 300 Index climbed 0.2 per cent and the Shanghai Composite Index strengthened 0.1 per cent.
CSPC Pharmaceutical rallied 6 per cent to HK$9.35 after HSBC raised its target price to HK$9.50 citing a strong financial performance, while Hansoh Pharmaceutical gained 4.7 per cent to HK$29.15. Aluminium maker China Hongqiao Group rallied 4.1 per cent to HK$15.10.
Chinese property firms traded higher on news that Beijing was tapping its housing provident fund to give buyers an alternative to bank mortgages. China Overseas Land and Investment rose 2.3 per cent to HK$13.62 and Longfor Group Holdings added 2.7 per cent to HK$9.84.
Some tech stocks weakened: electric-vehicle maker Li Auto fell 1.3 per cent to HK$118.40, Meituan retreated 1.4 per cent to HK$146.30 and JD.com dropped 0.9 per cent to HK$132.80.
Shares of Galaxy Entertainment Group fell 1.9 per cent to HK$33.20 after the Macau government said 11 satellite casinos would be closed. Satellite casinos are run under the license of one of Macau’s six gaming concessionaires, but they are operated by a third party.
