HSI up 0.6 percent at midday after sharp early rally fades

Hong Kong shares jumped over 300 points on Wednesday morning before profit-taking in tech stocks trimmed gains.

The benchmark Hang Seng Index rose 148 points, or 0.62 percent, to 24,220 at midday, with a turnover of HK$135.2 billion.

The China Enterprises Index gained 52 points, or 0.61 percent, to 8,730. Meanwhile, the Hang Seng Tech Index closed down 0.27 percent at 5,288.

Several major tech stocks pared earlier gains and turned lower by midday. Tencent (0700), Alibaba (9988), and Meituan (3690) each slipped 0.1 percent, while Kuaishou (1024) dropped 2.29 percent and NetEase (9999) fell 1.23 percent. Xiaomi (1810), however, edged up 0.5 percent.

Asian shares stumbled after US President Donald Trump denied any plan to extend the July 9 deadline for a key round of tariff negotiations, dampening investor sentiment.

In mainland China, the Shanghai Composite Index recovered from earlier losses to close nearly flat at 3,456, down 1 point. The Shenzhen Component Index fell 43 points, or 0.42 percent, to 10,432.

STAFF REPORTER