Tencent Reaches HK$400 Mark Briefly ; Bitcoin Surpasses $66,000, ETFs Soar; Ping An Leads Financial Sector Rally
M+ Global Updates 16/05/2024 14:58

Hong Kong stocks continued to strengthen in the afternoon session. As of the time of publication, the Hang Seng Index was up by 1.42%, while the Hang Seng Tech Index had gained 0.66%.

Bitcoin surged back above the $66,000 level, with HGI BTC ( $HGI BTC 03439.HK$ ), $FA SAMSUNG BTC 03135.HK$ , BOS HSK BTC ( $BOS HSK BTC 03008.HK$ ), $FA CSOP BTC 03066.HK$ all jumping over 6%, CAM BTC ( $CAM BTC 03042.HK$ ) climbing more than 5%, OSL Group ( $OSL GROUP 00863.HK$ ) advancing over 4%, while HGI ETH ( $HGI ETH 03179.HK$ ), CAM ETH ( $CAM ETH 03046.HK$ ), and BOS HSK ETH ( $BOS HSK ETH 03009.HK$ ) were all up more than 3%.

On the news front, April CPI and core CPI year-over-year growth rates in the US slowed, reigniting expectations for a rate cut. Following the release of the data, the US dollar fell, propelling assets such as Bitcoin further upward. Bitcoin prices soared above $66,000 on Wednesday, marking its best performance since March 2023.

The financial sector saw continual gains in the afternoon, with Ping An ( $PING AN 02318.HK$ ), China Pacific Insurance ( $CPIC 02601.HK$ ), China Construction Bank ( $CCB 00939.HK$ ), Industrial and Commercial Bank of China ( $ICBC 01398.HK$ ), and China Merchants Bank ( $CM BANK 03968.HK$ ) climbing over 5%. Bank of China ( $BANK OF CHINA 03988.HK$ ) and New China Life Insurance ( $NCI 01336.HK$ ) also posted gains.

ZTO Express ( $ZTO EXPRESS-W 02057.HK$ ) rallied in the afternoon, surging over 8% after the company reported a 15.8% year-over-year increase in adjusted net profit to 2.224 billion yuan for Q1.

Tencent ( $TENCENT 00700.HK$ ) at one point soared 5% to breach the 400 Hong Kong dollar mark, hitting a new high since the end of January 2023; Tencent has accumulated a 36% increase year to date. The gain later narrowed to 3.88%. The company reported first-quarter revenue of 159.501 billion yuan, up 6% year-over-year, with net profit attributable to shareholders rising 62% to 41.889 billion yuan, and adjusted net profit growing 54% to 50.27 billion yuan.


The content is provided as general information only and should not be taken as investment advice. All the contents shall not be taken as a recommendation to buy or sell any security or financial instruments. Any action you take resulting from information, analysis, or commentary on this article is your responsibility. Please consult your investment advisor before making any investments.

Stay informed with updates through our Telegram and WhatsApp channels

Access the latest financial market news
Get expert insights

Scan QR to join