HSI Gains 425 Points at Midday; SMIC Rises 5%; Chinese Insurers, Brokers, and Aluminum Stocks Soar

Hong Kong Stock Market Performance: The Hong Kong bourse experienced a strong morning session, with the HSI rising 425 points (1.6%) to close at 26,361, while the HSCEI and HSTECH also saw significant gains.

Impact of Mainland China's AI Chip Ban: Mainland China has banned state-subsidized data centers from using foreign AI chips, leading to a surge in HK-listed chip makers like SMIC and HUA HONG SEMI, which rose by 5% and 3.5%, respectively.

Rally in Chinese Insurers and Brokers: Following the rise in the Chinese Mainland stock market, HK-listed insurers and brokers saw substantial increases, with companies like CHINA LIFE and NCI jumping 4% and 3.8%.

Commodity Stocks Surge: Commodity stocks maintained their upward trend, with CHALCO and CHINAHONGQIAO soaring by 10.7% and 8.5%, respectively, reflecting strong market performance in this sector.