HSI closes at 26,000 points on major tech gains, property and insurance sectors optimism

Hang Seng Index rose 310 points at market close on Friday on broader tech gains, as well as optimism in the property and insurance sectors.

The benchmark Hang Seng Index increased 310 points, or 1.21 percent, to 26,009 points, delivering a full-day market turnover of HK$257 billion.

Tech gauge rose 1.4 percent to 4,766 points. Minimax (0100) and Knowledge Atlas Technology (2513) jumped 12.31 percent and 11.44 percent, respectively.

Laopu Gold (6181) surged 7.46 percent as the best-performing blue chip, while Chow Tai Fook (1929) edged up 1.12 percent.

Tech heavyweights broadly gained, with Xiaomi (1810) rising 4.54 percent and NetEase (9999) up 4.45 percent. Kuaishou (1024) ended its consecutive days of losses by rising 2.32 percent.

Meanwhile, Tencent (0700) gained only 1.24 percent, while Alibaba (9988) fell 2.54 percent. PopMart (9992) fell 3.06 percent.

CSPC Pharmaceutical (1093) dropped 3.47 percent as the worst-performing blue chip.

In the property sector, Henderson Land Development (6181) led the gain by surging 7.17 percent. Sun Hung Kai Properties increased 2.81 percent, Wharf Real Estate International Corporation (1997) rose 1.89 percent, and CK Hutchison (0001) rose 1.58 percent.

Insurance companies Ping An Insurance (2318) and AIA (1299) gained 3.88 percent and 3.3 percent on market optimism, with both announcing higher net profits yesterday. Both insurers emphasized that China's tax levy on offshore insurance investment gains does not impact the majority of Hong Kong's insurance businesses.

Band of China (Hong Kong) and HSBC (0005) rose 1.69 percent and 1.62 percent, respectively.

In the mainland, the Shanghai Stock Exchange Composite Index inched up 1.48 points, or 0.04 percent, to 3,905 points, and the Shenzhen Stock Exchange Composite Index rose 0.87 percent to 14,094 points.

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