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Hong Kong Stocks Rise on Monday on Tech, Biotech Gains; Trigiant Jumps 47%

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Hong Kong stocks closed higher Monday as gains in technology and biotech shares lifted the market despite weakness across broader Asian markets amid concerns over rising oil prices.

The Hang Seng Index rose 111.97 points, or 0.5%, to close at 24,917.60, while the Hang Seng China Enterprises Index gained 38.25 points, or 0.5%, to 8,284.58.

The Hang Seng Biotech Index jumped 3.8%, while the HKEX Tech 100 Index gained 0.6%.

Investor sentiment remained cautious as higher oil prices raised concerns over supply disruptions in the Middle East, while markets braced for possible U.S. and Japanese interest rate hikes this week. Investors also watched the planned Sept. 24 meeting between Chinese President Xi Jinping and U.S. President Donald Trump.

Among individual stocks, Trigiant Group (HKG:1300) surged more than 47% after winning a bid to acquire Qinghai Zhongli Optical Fibre Technology for 455 million yuan.

InSilico Medicine (HKG:3696) gained more than 3% as Chairman and CEO Aleksandrs Zavoronkovs bought an additional 113,500 shares using personal funds.

What else is happening in Asia?

Asia

Orora Chief Safety, Sustainability, Governance Officer to Step Down at End of Year

Orora (ASX:ORA) said Ann Stubbings plans to step down as chief safety, sustainability, and governance officer, effective Dec. 31, after more than 13 years with the packaging products firm, according to a Monday filing with the Australian bourse.In addition, Susannah Jobling Hodgens will be appointed as chief legal officer, the company said. Hodgens has worked with Orora for 13 years in senior legal and governance roles, most recently as general counsel and alternate company secretary.Orora shares gained nearly 1% in recent Monday trade.

ASX:ORA
Asia

Biokin Pharma Enrolls First Patient in Phase Three Trial for Breast Cancer Drug; Shares Up 4%

Sichuan Biokin Pharmaceutical (SHA:688506) enrolled the first subject for the third-phase clinical trial of biologic drug T-Bren for injection, according to a weekend filing with the Shanghai bourse.The trial evaluates T-Bren combined with pertuzumab versus standard chemotherapy in neoadjuvant treatment of HER2-positive breast cancer, according to a weekend filing with the Shanghai bourse.Shares of the pharmaceutical company rose 4% in recent trade.

SHA:688506
Asia

Market Chatter: Korea Exchange to Extend Trading Hours till 8PM

South Korea's main stock market, the Korea Exchange, will enable trading till 8 pm following the regular close at 3:30 pm from Monday, in its move toward 24-hour trading, Bloomberg News reported Sunday.This decision opens 2,400 Korea Composite Stock Price Index, or Kospi, and Kosdaq stocks for evening trades, which include short-selling. The move excludes exchange-traded funds, the report said.The Korea Exchange plans to introduce pre-market trading by the end of next year, it said.(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

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