Hang Seng Index closes up 0.3% as financial and shipping stocks lead gains

The Hang Seng Index closed at 24,345, up 74 points or 0.3%, following a low opening. The market saw significant divergence among sectors, with financial, shipping, and gaming stocks providing upward momentum, while technology and storage-related stocks faced selling pressure.

Financial stocks such as HSBC and BOC Hong Kong contributed to the recovery. The shipping and port sectors also saw gains, driven by high freight rates and Red Sea shipping diversions. Additionally, Macau gaming stocks rose on expectations of improved earnings due to strong tourism and upcoming entertainment events.

Conversely, the Hang Seng Tech Index fell 0.8% to 4,136. The semiconductor and storage sectors experienced sharp declines, with leveraged products tracking SK Hynix dropping over 17%, amid concerns regarding the storage cycle. AI-related hardware and certain biotech stocks also saw pullbacks.