Hong Kong stocks advanced on Tuesday, with investors boosting artificial-intelligence (AI) firms amid optimism that trade negotiations are taking place after US President Donald Trump said he would speak with China.
The Hang Seng Index rose 2 per cent to 20,622.14 at the noon break, the biggest daily gain since December 9. The Hang Seng Tech Index jumped 3.9 per cent.
Mainland stock exchanges remained shut for the Lunar New Year holiday and will resume trading on Wednesday.
Technology stocks broadly rose, driven by companies involved in AI. Xiaomi climbed 3.6 per cent to HK$39.30, and JD.com gained 5.3 per cent to HK$159.90. E-commerce giant Alibaba Group Holding advanced 2.5 per cent to HK$96.30, and Tencent rose 2.8 per cent to HK$415.60.
Electric car maker Li Auto surged 7.2 per cent to HK$92.90, while its peer Geely Automobile rose 6.6 per cent to HK$15.76. Chipmaker Semiconductor Manufacturing International, known as SMIC, jumped 6.8 per cent to HK$44.75, while Apparel maker Shenzhou International Group Holdings jumped 6.7 per cent to HK$61.70.
“The market is increasingly looking forward to the development of the mainland’s AI models, high-end chips or breakthrough technologies, pushing up the Hong Kong stock market today,” said Jason Chan, senior investment strategist at Bank of East Asia.
Source link
