Hang Seng holds on to new high, Alibaba retreats

Hong Kong's benchmark held above the new milestone at the midday break after continuing to bob up and down once it breached the milestone.

The index is having its best run since 1985

The Hang Seng Index went into the break at 30,012.19, higher by 49.72, or 0.17 percent.

Turnover on the main board has risen to 148.19 billion. The share rally has been largely fueled by mainland capital shifting to Hong Kong stocks, analysts say.

Shares in Alibaba Group, (9988), which rallied yesterday, lost 2.72 percent at HK$257.80.

Tencent Holdings (0700) is at HK$691.00, gaining by 1.69 percent.

China's BYD (1211), which tapped the market for more than HK$29 billion in funds, gained by 3.20 percent at HK$251.80, after dropping earlier in the morning.

The broader Hang Seng Tech Index is at 9,853.03-down by 32.19, points, or 0.33 percent.

Smartphone maker Xiaomi (1810) dived by 3 percent at HK$31, the worst performer in the morning. Sino Biopharmaceutical (1177) won 4.6 percent at HK$8.15, the top gainer.

In the mainland, the Shanghai Stock Exchange Composite Index added 1.30 percent to, or 46.52, to 3,629.61, and the Shenzhen Stock Exchange Composite Index gained by 1.50 percent, or 36.17, at 2,448.72.