Hang Seng Index rises as chip stocks gain, PetroChina drags on oil production hike

The benchmark Hang Seng Index inched up 54 points, or 0.2 percent, to 23,404 points.

The Hang Seng Tech Index went up 0.6 percent to 4,523 points.

Notably, chip stocks performed well among blue chips, with Semiconductor Manufacturing International Corporation (0981) rising 2.9 percent and Hua Hong Grace Semiconductor (1347) rising 2.2 percent.

With the OPEC+ announcing an increase to its collective oil production cap by 188,000 barrels per day starting in August, PetroChina (0857) dropped 3.6 percent, becoming the worst performer among the blue chips.

Among the tech heavyweights, Tencent (0700) rose 0.4 percent, Alibaba (9988) rose 0.2 percent, Kuaishou (1024) rose 0.8 percent, and Xiaomi (1810) rose 1.5 percent. Meanwhile, Baidu (9888) fell 1.7 percent, and Meituan slid 0.1 percent

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