Hang Seng Rises 3.67% on Nov 5, 2026 as Alibaba, Tencent Rally

Key takeaways

• The Hang Seng Index rose 3.67% to 24,796.98 at the close (08:08 UTC) on Thursday, Nov 5, 2026, according to Yahoo Finance data and The Standard, as Alibaba and Tencent led a tech rally after the US midterm elections.
• The Hang Seng Tech Index jumped 5.55% to 4,154.29. Alibaba gained 8.5% and Tencent 7.2%, The Standard reported, and Hong Kong turnover rose to HK$356.6 billion, a near three-month high.
• Mainland gains were modest. The Shanghai Composite edged up 0.10% to 3,689.91 at the close (07:00 UTC), the CSI 300 added 0.29% to 4,113.41 and the Shenzhen Component rose 1.19% to 11,471.09, according to Yahoo Finance data.
• Oil producers fell after Brent crude futures dived nearly 9% overnight on hopes for an end to the US-Iran war, Reuters reported via Business Recorder. PetroChina closed down 4.2% and CNOOC down 2.1%, according to The Standard.
• The PBOC set the USD/CNY midpoint at 6.7156 at 01:15 UTC, firmer for the yuan than Wednesday's 6.7180 but 373 pips weaker than a 6.6783 Reuters estimate, according to Tradingpedia and Reuters via Business Recorder.

Session recap

Hong Kong stocks surged on Thursday on heavy turnover, while mainland indexes ended only slightly higher after giving back part of their morning gains. For the rest of the region, see Asian and global market closes. Wednesday's session is covered in the China & Hong Kong brief for Nov 4, when the Shanghai Composite rose 2.16% on PBOC buyback-loan support.

Changes are calculated from Wednesday's (Nov 4) closes in Yahoo Finance data: Shanghai 3,686.17, Shenzhen 11,335.69, ChiNext 2,544.73, STAR 50 1,265.47, CSI 300 4,101.33, Hang Seng 23,919.50 and Hang Seng Tech 3,936.02. A lower midpoint means a stronger yuan fixing. The Standard rounded the Hang Seng close to 24,796 points and the Hang Seng Tech close to 4,154, matching Yahoo Finance. A verifiable full-day Stock Connect southbound figure for Nov 5 was not available when this brief was written.

Hong Kong opened with a gap higher: Yahoo Finance data show the Hang Seng Index started at 24,316.94, traded between 24,281.77 and 24,871.92 and closed below the session high. On the mainland the picture was more mixed. At the lunch break the CSI 300 was up 0.4%, the Shenzhen index 1.69% and the STAR 50 2.11%, Reuters reported via Business Recorder; all three closed with smaller gains. The Shanghai Composite ranged from 3,646.57 to 3,701.59 before settling at 3,689.91, according to Yahoo Finance.

What drove it

US midterm results and Wall Street

The main trigger came from overseas. Hong Kong gains followed Wall Street's overnight rally as investors reacted to lower political uncertainty after the US midterm elections, Reuters reported via Business Recorder. The Standard also credited improved sentiment after the vote. Our explainer on what the US midterm results mean for ASEAN markets covers the regional angle.

Chinese internet and tech stocks

Large technology platforms did most of the lifting. Alibaba rose 8.5%, Tencent 7.2%, NetEase 9%, Xiaomi 8.8% and Nio 8.9%, The Standard reported. Morningstar analysts said "China and Hong Kong remain relatively attractive" after an October correction, Reuters reported via Business Recorder. The same report quoted Cliff Zhao, chief economist at CCB International, as saying "China's domestic technology supply chain may become further differentiated," with exporters tied to US AI spending potentially losing out to chip-equipment and computing-infrastructure firms. Lenovo was the worst blue chip, down 6.8% after Wednesday's 6% rebound, according to The Standard.

The rally in Chinese tech contrasted with chip stocks elsewhere. FinancialJuice reported that Samsung and SK Hynix both fell more than 7% on concerns about tighter US data-centre rules, pulling South Korea's Kospi down 5.2%.

Oil slump hits energy producers

Energy was the weak spot. Brent crude futures dived nearly 9% overnight as the Democrats' midterm win raised hopes for an end to the US-Iran war, Reuters reported via Business Recorder. PetroChina fell 4.2% and CNOOC 2.1% by the close, The Standard reported. FinancialJuice linked the oil move to bets that a Democratic sweep of Congress could speed efforts to end the conflict. For ASEAN readers, our analysis of what the Brent slump means for ASEAN oil importers and exporters looks at the regional winners and losers.

Gold, biotech and other movers

Gold stocks and drugmakers added support. Laopu Gold rose 8.3% and Zijin Mining 3%, while Sino Biopharmaceutical gained 9.2%, the best blue chip, after a licensing deal with Boehringer Ingelheim, The Standard reported. On the mainland, gold miners, solar power, semiconductor and new-energy shares gained, while oil producers and optical communication shares fell, Reuters reported via Business Recorder.

Yuan steadies

The PBOC set a firmer midpoint for the first time in four days, Reuters reported via Business Recorder. The spot yuan traded at 6.6698 per dollar at 03:18 UTC, up 0.09%, as the dollar weakened after the midterm results, according to the same report. Citic Securities said in a note that "the trend of yuan appreciation remains unchanged, but the pace will moderate," referring to the central bank's recent decision to raise the foreign-exchange reserve requirement ratio.

Political & policy watch

• US midterms: Democrats' gains in Congress lifted Asian risk appetite and weighed on the dollar, Reuters reported via Business Recorder. Zhiwei Zhang, chief economist at Pinpoint Asset Management, said "US-China relations will become more uncertain next year," according to the same report.
• US-Iran war: The oil slide reflected hopes that the midterm result could help end the conflict, according to Reuters via Business Recorder and FinancialJuice. No settlement had been reported in those accounts, so energy shares remain exposed to news from the conflict.
• Yuan management: The PBOC's earlier move to raise the foreign-exchange reserve requirement ratio tempered the yuan's rally this week, Reuters reported via Business Recorder.
• Tech rivalry: CCB International's Cliff Zhao expects US-China technology competition to continue, which could favour firms serving domestic self-reliance demand, according to Reuters via Business Recorder.

What to watch next

The National Bureau of Statistics says its release dates are preliminary and subject to adjustment. Its calendar lists 09:30 and 10:00 Beijing time, which are 01:30 and 02:00 UTC.

Risk checklist for readers

• Hong Kong and mainland markets can diverge sharply in one session, as on Nov 5, when the Hang Seng rose 3.67% and the Shanghai Composite 0.10%. Check which index a headline refers to.
• Moves driven by election reactions can fade as final results and policy details arrive. Rely on official results and confirmed reports.
• Oil prices that fall on peace hopes can rebound quickly if talks stall, which matters for energy shares in Hong Kong and in ASEAN markets.
• Intraday levels differ from closing levels. Midday reports, such as the lunch-break figures cited above, can differ from the close.
• The PBOC midpoint is a reference rate, not the traded spot price. Compare each fixing with the previous fixing and the published estimate.
• Currency risk matters: mainland shares are priced in yuan, Hong Kong shares in Hong Kong dollars.

This article is for information only and is not investment advice.