HSI Opens 205 pts Higher as Techs Lead Gains

Hong Kong stocks opened higher significantly in the morning session. $Hang Seng Index (800000.HK)$ opened 205 points or 1.2% higher at 17,097. $Hang Seng China Enterprises Index (800100.HK)$ opened 77 points or 1.3% higher at 6,018. $Hang Seng TECH Index (800700.HK)$ opened 70 points or 2.1% higher at 3,436.

The 2Q24 net profit of chip stocks $SMIC (00981.HK)$ / $HUA HONG SEMI (01347.HK)$ fell 59%/ 91%+ YoY, and their share prices mounted 7.3%/ 2.7%. HUA HONG SEMI decreased immediately after the market opened. Goldman Sachs said that SMIC's 3Q24 revenue guidance rose 13-15% QoQ, with gross profit margin guidance of 18-20%, beating expectations.

For other techs, $BABA-W (09988.HK)$ climbed 2% to $78.1, while $TENCENT (00700.HK)$ added 0.9% to $371.4. $MEITUAN-W (03690.HK)$ , $XIAOMI-W (01810.HK)$ , $JD-SW (09618.HK)$ , $NTES-S (09999.HK)$ and $KUAISHOU-W (01024.HK)$ hiked 1.5- 2.1%, while $BIDU-SW (09888.HK)$ leaped 3.5%.