Hang Seng Rises 137 Points as Lenovo Surges 8%, Zhipu Jumps 14%
SingTao · 1 SOURCESabout 4 hours ago2 MIN
Summary
Hong Kong's benchmark Hang Seng Index recovered from early losses to close near its daily high on Friday, gaining 137 points or 0.5% to end at 25,668. The market had opened lower following overnight declines on Wall Street, where Federal Reserve officials struck hawkish tones and markets awaited key non-farm payroll data. The H-share index added 32 points to 8,531, while the Tech Index rose 37 points to 4,858 .
Key Points
- The Hang Seng Index found technical support near the 20-day moving average at approximately 25,200 points before rebounding .
- Lenovo Group (992) surged 8.3% to HK$28.10 ahead of its quarterly results, with brokers highlighting its infrastructure solutions business as a key growth driver .
- AI application stocks rallied after DeepSeek announced significant price increases, with Zhipu (2513) jumping 14.6% to HK$1,246 and MINIMAX (100) gaining 9.8% to HK$326.40 .
- The biotech sector led blue-chip gains, with WuXi Biologics (2269) soaring 10.8% to HK$45.86 on plans to acquire a Hangzhou facility from Transcenta .
- Interest rate-sensitive local property stocks mostly weakened, with Henderson Land (012) falling 2.2% and Sino Land (083) dropping 1.7% amid heightened rate hike expectations .
Why It Matters
The market's ability to bounce back despite negative U.S. cues demonstrates underlying resilience in Hong Kong equities, though sustained recovery may require the Hang Seng to hold above its 250-day moving average for five consecutive sessions to confirm a trend reversal. The rotation into AI and biotech names reflects investors' continued appetite for growth themes with concrete commercialization progress, even as macro uncertainties from Federal Reserve policy and China-U.S. tensions persist .
The market's ability to bounce back despite negative U.S. cues demonstrates underlying resilience in Hong Kong equities, though sustained recovery may require the Hang Seng to hold above its 250-day moving average for five consecutive sessions to confirm a trend reversal. The rotation into AI and biotech names reflects investors' continued appetite for growth themes with concrete commercialization progress, even as macro uncertainties from Federal Reserve policy and China-U.S. tensions persist .