Hong Kong Stocks Close with Narrowed Gains, Tech Stocks Perform Actively

　　Image source: tkww

Overall Performance of Hong Kong Stocks

　　According to news on October 29, the gains of Hong Kong's three major indices narrowed during the trading session. At the close, the Hang Seng Index rose by 0.49% to 20,701.14 points; the Hang Seng Tech Index increased by 1.09%; and the State-Owned Enterprises Index gained 0.36%.

Rise of Tech and Internet Stocks

　　Tech and internet stocks generally rose, with JD.com, Baidu, NetEase, and Meituan all seeing increases of over 2%. Notably, Apple concept stocks performed exceptionally well, with GoerTek rising by over 8%. Analysts expect that Apple will announce its Q4 results for the 2024 fiscal year after the market closes on October 31, forecasting Q4 revenue of $94.316 billion, a year-on-year increase of 5.38%, with earnings per share of $1.53, up 4.77% year-on-year.

Active Performance of Returning Chinese Concept Stocks

　　In terms of returning Chinese concept stocks, NIO surged nearly 10%. Macquarie analysts indicated that NIO is expected to provide guidance exceeding market expectations during the release of its Q3 results and has made slight adjustments to its sales estimates. The newly launched mass-market model ONVO L60 is expected to drive sales growth, while the new brand Firefly set to launch early next year may become a new impetus for the company.