HSI Opens 365 pts Higher; 4 Major CN Banks Rise

Hong Kong stocks opened higher in the morning after the Central Huijin Investment increased its holdings of the A-shares of the 4 major Chinese banks. $Hang Seng Index (800000.HK)$ opened 365 points or 2% higher at 18,258. $Hang Seng China Enterprises Index (800100.HK)$ opened 139 points or 2.3% higher at 6,272. $Hang Seng TECH Index (800700.HK)$ opened 86 points or 2.2% higher at 4,038.

Mainland bank stocks $CCB (00939.HK)$ and $ICBC (01398.HK)$ opened 3.2% and 4.5% higher, while $BANK OF CHINA (03988.HK)$ and $ABC (01288.HK)$ started 2.9% and 2.4% higher. $CM BANK (03968.HK)$ and $PSBC (01658.HK)$ opened 4.5% and 3.1% higher. Chinese insurers $PING AN (02318.HK)$ and $CHINA LIFE (02628.HK)$ opened 3.8% and 3.3% higher.

For other stocks, $SUNNY OPTICAL (02382.HK)$ September handset lens sets shipments hiked by nearly 17% YoY, driving its share price to open 8.1% higher. $CATHAY PAC AIR (00293.HK)$ started 1.1% higher at $8.18 after it passed a share capital reduction proposal to buy back half of its preferred shares by the end of the year.