Hong Kong stocks jump on tech rally; China shares edge up

Hong Kong’s Hang Seng rose 3% on Thursday, while mainland Chinese benchmarks posted smaller gains as technology and gold-related shares advanced. By the midday break, the CSI300 was up 0.4% and the Shanghai Composite had added 0.1%; the Hang Seng Tech index climbed 5%. Business Recorder reported that the broader advance followed an overnight rally on Wall Street and improved investor confidence after the US midterm elections.

Alibaba and Tencent each gained more than 7% and 5%, respectively, while investors in mainland China also favored solar, semiconductor and new-energy stocks. Oil shares weakened: PetroChina dropped 7% by midday as Brent crude futures had fallen nearly 9% overnight. Analysts cited in the report said technology self-reliance could support some Chinese hardware and semiconductor-related businesses, while US-China competition and future relations remained uncertain. Shenzhen’s index gained 1.69%, ChiNext rose 1.24% and STAR50 advanced 2.11%.