Hong Kong stocks snap 5-day slide on tech rebound as US equities hit correction mode
Tech stocks regained traction as losses in the S&P 500 exceeded 10 per cent from its February peak
The Hang Seng Index jumped 2.1 per cent to 23,959.98 at the close, following a 3.7 per cent cumulative loss over the preceding five trading days stoked by trade war concerns. The Hang Seng Tech Index climbed 2.3 per cent, while the Shanghai Composite Index gained 1.8 per cent.
Alibaba Group Holding rose 3.3 per cent to HK$135.80, while Wuxi Biologics surged 14 per cent to HK$26.65 and Baidu added 2.3 per cent to HK$91.65. Mengniu Dairy jumped 9 per cent to HK$19.80, Zijin Mining Group surged 4.9 per cent to HK$17.08 and EV maker BYD strengthened 6.9 per cent to HK$385.80.
Hong Kong’s stock market has risen 19 per cent this year, while the tech barometer rallied 32 per cent in a rally fuelled by Chinese start-up DeepSeek’s AI breakthroughs. Global banks including Citigroup and Goldman Sachs became more bullish on Chinese stocks on valuation appeal as US equities hit correction mode.
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“Investors are bullish on the outlook, boosted by China’s AI narrative,” said Jason Chan, senior investment strategist at Bank of East Asia. China’s plan for a 1 trillion yuan (US$138 billion) fund at the ‘two sessions’ meetings in Beijing also lifted sentiment, he added.
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