Hong Kong stocks rallied on Monday, with the Hang Seng Index gaining over 500 points at one point during the afternoon trading session. The index touched a high of 20,093.65 before closing at 19,925.81, up about 1.8 percent from last Friday. The rally was driven by hopes of easing tensions between the US and China.
The Hang Seng Tech Index rose 2.6 percent to 4,554.6 points, led by e-commerce giants. JD.com was the top performer among blue-chip stocks, surging over 7 percent. The company recently launched a campaign offering national subsidies for Apple products, including discounts of up to RMB 2,000.
Alibaba also saw substantial gains, with its stock rising 4.7 percent.
Hong Kong tech stocks surge
The company’s platform, Tmall, introduced a subsidy campaign for mobile devices. It offers consumers a RMB 500 discount and 24-month interest-free installments on purchases of the Xiaomi 15.
Other tech giants like Tencent, Kuaishou, and Baidu contributed to the market’s optimism. However, not all stocks benefited from the rally. Xiaomi experienced a slight dip, closing down 0.29 percent at $34.85 after initially opening up 2 percent.
Oil stocks also declined, with CNOOC losing 2.7 percent and Petrochina down 1.8 percent. Despite the strong performance, the Hang Seng Index ultimately failed to exceed the 20,000-point mark. The mainboard turnover for the day was approximately HK$161.4 billion.
The rally in Hong Kong outpaced other major Asia-Pacific markets, driven by strong e-commerce activity and strategic holiday campaigns to boost consumer spending ahead of the Spring Festival.
