Asian Markets Mixed; HK Tech Stocks Rally on Earnings, AI Optimism
AM730 · 6 SOURCESabout 4 hours ago2 MIN
Summary
Asian equity markets experienced significant swings over the past trading week (October 28 – November 2, 2026), with the Nikkei 225 Index in Japan rising as much as 885 points on October 28 before reversing sharply downward . On Monday, November 2, Hong Kong's Hang Seng Index finished 142 points higher at 23,437, with the Tech Index surging nearly 3%, as technology stocks led gains amid broader market volatility .
Key Points
- The Hang Seng Index opened at 23,301 points on Monday, climbed to an intraday high of 23,543 before settling at 23,437, with half-day trading volume exceeding HK$114.1 billion .
- Xiaomi (1810) was the standout performer, jumping 6.27% to HK$28.14 after the company announced October vehicle deliveries exceeded 50,000 units .
- The Technology Index gained 107 points to 3,862, with ATMXJ stocks rising between 1% and over 6% . Tencent (700) rose 3.39% to HK$396.6, Alibaba (9988) climbed 2.94% to HK$99.9, and Meituan (3690) advanced 3% to HK$73.75 .
- AI and chip stocks outperformed significantly: MiniMax (100) surged 8.74% to HK$175.4 , SMIC (981) gained 3.16% to HK$44.34, and Hua Hong Semiconductor (1347) rose 4.94% to HK$63.7 .
- Bank stocks weighed on the market after earnings reports. HSBC (5) fell 2.14% to HK$132.8 , while Bank of China and BOCHK declined nearly 4% or more—marking the two worst-performing blue chips . CCB, ICBC, and CMB each fell approximately 2% .
Why It Matters
The divergence between technology and banking sectors reflects investor confidence in China's AI development trajectory amid regulatory uncertainties. Xiaomi's strong automotive delivery numbers signal that Hong Kong-listed mainland technology companies are successfully diversifying into new growth sectors beyond smartphones, potentially reshaping the composition of the Hang Seng Index.
The divergence between technology and banking sectors reflects investor confidence in China's AI development trajectory amid regulatory uncertainties. Xiaomi's strong automotive delivery numbers signal that Hong Kong-listed mainland technology companies are successfully diversifying into new growth sectors beyond smartphones, potentially reshaping the composition of the Hang Seng Index.