"Hong Kong Stocks" Hang Seng Index rises 527 points in half a day, with technology, automotive, domestic property, and commodity stocks seeing demand

Federal Reserve Chairman Jerome Powell hinted at a possible interest rate cut in September, leading to a significant rise in Hong Kong stocks in the early market. The Hang Seng Index opened 267 points higher and the gains expanded, reaching a peak increase of 579 points at one point, hitting 25,918 points, the highest in nearly four years. It rose by 527 points or 2.1% to close at 25,866 points; the Hang Seng China Enterprises Index rose by 186 points or 2.1% to 9,266 points; the Hang Seng Tech Index rose by 174 points or 3.1% to 5,822 points. The total turnover of the market for half a day was HKD 225.893 billion.

China Telecom (00728.HK), JD LOGISTICS (02618.HK), and Pop Mart (09992.HK) turned "blue," with China Telecom and Pop Mart rising by 0.8% and 1.4%, respectively, while JD LOGISTICS rose by 7.6%. The constituent stock of the Hang Seng China Enterprises Index will exclude Jitu (01519.HK), which fell by 2.3%.

Mainland China released rules on pricing behavior for internet platforms, prohibiting operators from selling goods below cost. Alibaba (09988.HK) and JD.com (09618.HK) rose by 5.8% and 4.8%, respectively. Oriental Selection (01797.HK) reported a 99.7% drop in annual net profit, with its stock price falling by 14.5%.

In other tech stocks, Tencent (00700.HK) rose by 3.1% to HKD 618.5, Meituan (03690.HK) and Xiaomi (01810.HK) rose by 3.1% and 2.2%, respectively, while NetEase (09999.HK), Kuaishou (01024.HK), and Baidu (09888.HK) rose by 4.9% to 6%. SMIC (00981.HK) and Bilibili (09626.HK) rose by 1% and 1.7%. Additionally, Weimob (02013.HK) surged by 13.6%, Ping An Good Doctor (01833.HK) and GDS Holdings (09698.HK) rose by 7.1% and 6.9%. Chip equipment stock ASMPT (00522.HK) rose by 6.5%.

In the automotive sector, Geely's Galaxy M9 has a pre-sale price starting at RMB 193,800, with over 40,000 orders in 24 hours. Geely (00175.HK) fell by 1.1%. BYD (01211.HK) rose by 1.8%. NIO (09866.HK) launched its latest ES8 low-priced vehicle, with the market anticipating high margins to boost overall profitability, leading to a stock price surge of 14.7%. Dongfeng (00489.HK) announced the distribution of Voyah to achieve H-share listing, with the major shareholder privatizing the remaining business, resulting in a stock price increase of 56.1% to HKD 9.32. Brilliance China (01114.HK) reported a 15.5% increase in half-year net profit, with its stock price rising by 11.7%. BAIC (01958.HK) and GAC (02238.HK) rose by 5.8% and 6.4%, respectively.

The US dollar fell, leading to a rise in domestic property stocks, with Vanke (02202.HK) rising by 15.5%, Sunac (01918.HK) and China Overseas (03377.HK) rising by 11.8% and 10.2%, respectively. R&F Properties (02777.HK) and Longfor (00960.HK) rose by over 8%, while Greentown China (03900.HK) and Yuexiu Property (00123.HK), New World (01030.HK) and Agile Group (03383.HK) rose 5.4% to 6.9%. Commodity stocks were also stimulated, with Zijin Mining (02899.HK) and China Gold International (02099.HK) rising 5.9% and 5%, respectively, while Shandong Gold (01787.HK) rose 4.4%. Luoyang Molybdenum (03993.HK) and Jiangxi Copper (00358.HK) both rose over 8%.

In the consumer sector, Li Ning (02331.HK) and Miniso (09896.HK) rose 4.4% and 4%, respectively, while Haidilao (06862.HK), Haier Smart Home (06690.HK), and China Duty Free (01880.HK) rose between 3% and 3.6%. Gaming stocks like Galaxy Entertainment (00027.HK) and Sands China (01928.HK) rose 4.1% and 4%. In the financial sector, HSBC (00005.HK) rose 0.4%, while Hong Kong Exchanges and Clearing (00388.HK) and AIA (01299.HK) rose 3.4% and 1.9%. Ping An Insurance (02318.HK) subsidiary Ping An Bank reported a 4% decrease in half-year earnings, while Ping An rose 1.5% along with the market.

In other stocks, New World (00017.HK) announced that the perpetual securities distribution scheduled for next month on the 7th will be deferred, and its stock price rose 7%. Wind power stock Goldwind (02208.HK) reported a 7% increase in interim earnings, with its stock price rising 13.4%. Techtronic Industries (00669.HK) rose 3.9%. Railway stocks like CRRC (01766.HK) and Times Electric (03898.HK) each rose 5.4%. Yangtze Optical Fibre and Cable (06869.HK) rose 26.2% in half a day, with a turnover exceeding HKD 1.83 billion