The Hang Seng Index's gains expanded to over 400 points, reaching a four-and-a-half-year high, led by weighted financials, the three major oil companies, local real estate, and Chinese telecom stocks, while gold mining stocks surged along with gold prices

Hong Kong stocks opened higher, with the Hang Seng Index opening up 198 points or 0.7% at 27,325 points. The early gains expanded, rising by as much as 450 points to a high of 27,577 points, the highest level in about four and a half years since July 2021. It was last reported at 27,562 points, up 435 points or 1.6%, with a turnover of HKD 145.929 billion.

Major financial stocks performed well, with HSBC Holdings (00005.HK) rising 2.5% to HKD 137.9, setting a historical high since the ex-dividend date, with a turnover of HKD 1.01 billion and a market capitalization exceeding USD 300 billion. BOC Hong Kong (02388.HK) rose 1.6% to HKD 40.98, reaching a high not seen in over seven and a half years since May 2018, with a turnover of HKD 245 million. Standard Chartered (02888.HK) surpassed HKD 200 for the first time since early 2013, last reported at HKD 201.8, up 2.2%, with a turnover of HKD 88.671 million. Major domestic banks also rose, with Industrial and Commercial Bank of China (01398.HK), Bank of China (03988.HK), and China Construction Bank (00939.HK) increasing by 1.9% to 2.5%.

China Life (02628.HK) rose 2.6% to HKD 34.98, reaching a high not seen in over ten years since mid-2015. Ping An Insurance (02318.HK) also rose by 1.3%. AIA Group (01299.HK) reached a high of HKD 88.2, the highest level in nearly three years since March 2023, last reported at HKD 88, up about 1.8%, with a turnover of HKD 1.184 billion. Hong Kong Exchanges and Clearing (00388.HK) also rose by 0.6%.

The three major Chinese telecom stocks, which had been weak recently, rebounded with the market, with China Telecom (00728.HK) and China Unicom (00762.HK) rising by 3.9% and 3.8%, respectively, while China Mobile (00941.HK) rose by 1.5%. Among the "three barrels of oil," PetroChina (00857.HK), CNOOC (00883.HK), and Sinopec Corp. (00386.HK) also rose by 3.6% to 4%.

According to data from the Rating and Valuation Department, the private residential property price index in Hong Kong rose for seven consecutive months last December, reaching a one-and-a-half-year high. Local real estate stocks continued to perform strongly, with Sun Hung Kai Properties (00016.HK) and Henderson Land Development (00012.HK) rising by 3% to 3.5%. Sino Land (00083.HK), Cheung Kong Holdings (01113.HK) rose by 1.6% to 2%, while New World Development (00017.HK) remained stable.

The market is awaiting the results of the Federal Reserve's interest rate decision. The US dollar index has fallen to a near four-year low, combined with factors such as ETF, central banks buying gold, and geopolitical situations, spot gold in Hong Kong time this morning (28th) broke through the USD 5,200 mark, reaching a high of USD 5,229 per ounce, setting a historical high, last reported at USD 5,223, up 0.8%. Spot silver was last reported at USD 113.4, up 1.5%.

International gold prices hit a record high, and gold mining stocks rose, with Zijin Mining (02899.HK) and Zijin Gold International (02259.HK) each rising by over 1%. Lingbao Gold (03330.HK), Tongguan Gold (00340.HK), Zhaojin Mining (01818.HK), and Shandong Gold (01787.HK) rose by 4% to 5.6%, while Chifeng Jilong Gold Mining (06693.HK) rose by 7%, and WanGuo Gold (03939.HK) rose by 8.9% Weighted technology stocks rose moderately, with Tencent (00700.HK) up 1.6%, Alibaba-W (09988.HK) up 0.8%, and Meituan-W (03690.HK) slightly up 0.4%