Hang Seng Index Up 56 Points at Midday; Chinese Banking Stocks Rally

Hong Kong's Hang Seng Index gained 56 points, or 0.23%, to 24,231 at midday on July 13, after opening slightly lower and alternating between gains and losses during the morning session. The Hang Seng had climbed as much as 274 points earlier in the day before encountering selling pressure. The National Enterprises Index rose 42 points, or 0.53%, to 8,081, while the Tech Index fell 14 points, or 0.3%, to 4,707.

Chinese banking stocks were among the strongest performers, with Industrial and Commercial Bank of China up 2.6%, China Minsheng Bank rising 2.2%, and Agricultural Bank of China advancing 1.3%.