Hang Seng opens up 30 points, misses 25,000 mark ahead of Fed Meeting

The Hang Seng Index rose 30 points to 24,993 at Monday's market open, falling short of market expectations to reclaim the 25,000-point mark after US stock futures rebounded, as investors anticipated a decrease in Middle East tensions before the Federal Reserve meeting on Thursday.

The benchmark Hang Seng Index rose 30 points, or 0.12 percent, to 24,993 points.

Tech gauge rose 0.38 percent to 4,647 points.

Tech heavyweights opened flat. Alibaba (9988) and Tencent (0700) were up 1.3 percent and 1 percent, respectively. Meituan (3690) and Xiaomi (1810) rose 0.6 percent, and JD.com (9618) went up by 0.4 percent. Baidu (9888) fell 1 percent.

Trip.com (9961) rose 3.8 percent following a fine of around 5.3 billion yuan (HK$6.14 billion) for abusing its market dominance in the domestic online hotel-booking sector on Saturday by the Chinese regulator.

Oil majors performed the worst among the blue chips. CNOOC (0883) and PetroChina (0857) dropped 3.3 percent and 3 percent, respectively.

The banking and insurance sectors opened lower after last week's gains. BOC Hong Kong (2388) fell 1.43 percent, and HSBC (0005) slid 0.2 percent. Hong Kong Exchanges and Clearing (0388) fell 0.5 percent, and AIA (1299) also fell 0.9 percent.

𝗗𝗼𝘄𝗻𝗹𝗼𝗮𝗱 𝗧𝗵𝗲 𝗦𝘁𝗮𝗻𝗱𝗮𝗿𝗱 𝗔𝗽𝗽 ↓