Hang Seng Opens Higher as Alibaba, AI Stocks Gain
SingTao · 2 SOURCESabout 1 hour ago2 MIN
Summary
Hong Kong equities opened firmer on Thursday even as US stocks fell overnight after July core PCE data kept inflation concerns alive and lifted expectations of another Federal Reserve rate increase. The Hang Seng Index opened up 121 points at 25,774, with Alibaba advancing after completing a placement of 710 million new shares, while AI-related counters MiniMax and Zhipu outperformed in early trade.
Key Points
- US July core PCE rose 3.3% year on year and 0.2% month on month, matching expectations, but the monthly pickup revived rate-hike worries before the Jackson Hole central bankers' meeting
- Wall Street closed lower overnight, with the Dow down 113 points to 53,463, the S&P 500 off 1 point to 7,675, the Nasdaq down 21 points, and the Golden Dragon China Index falling 0.61%
- In Hong Kong, the Hang Seng opened at 25,774, up 121 points; the Hang Seng China Enterprises Index rose 39 points to 8,573 and the Hang Seng Tech Index gained 39 points to 4,665
- Alibaba opened at HK$117.4, up 0.69%, after completing a placement of 710 million new shares at HK$112.07 each; Baidu rose more than 3% after saying its Hong Kong listing will convert to a primary listing from September 1.
- AI stocks led gainers: MiniMax opened at HK$318, up 4.95%, after reporting first-half revenue nearly tripled to almost US$120 million, while Zhipu jumped 8.25% to HK$1,115 after launching the GLM-5.3 Flash model.
Why It Matters
For Hong Kong investors, the opening moves suggest local equities are still finding support even as US rate expectations unsettle global markets. The contrast between steady index performance and selective buying in AI and major internet names points to a market that remains highly stock-specific rather than broadly risk-on.