Hang Seng Index Rallies 164 Points as Tech Stocks Drive Gains
AM730 · 2 SOURCES1 day ago1 MIN
Summary
The Hang Seng Index rebounded on Friday morning, surging 164 points or 0.66% to 24,768 by mid-morning trading, after opening 119 points higher at 24,723. The rally was driven by technology and semiconductor stocks, with the Tech Index climbing 75 points or 1.74% to 4,385. The broader market advance followed the US Federal Reserve raising interest rates by 0.25 percentage point as widely anticipated, which caused US Treasury yields to fall and lifted Wall Street sentiment overnight. Market turnover reached HK$106.9 billion as investors sought exposure to AI-related and chip sector names. Large technology stocks showed mixed performance, with Alibaba leading gains among Hong Kong-listed tech giants, while financial stocks traded in a tight range. The semiconductor sector emerged as a standout performer, with SMIC and Hua Hong Semiconductor both posting significant gains amid renewed interest in China's chip capabilities.
Key Points
- Hang Seng Index opened 119 points higher at 24,723 before extending to a gain of 258 points at the intraday high of 24,862
- The Tech Index climbed 75 points or 1.74% to 4,385, while the State-owned Enterprises Index rose 41 points to 8,216
- Alibaba surged 3.6% to lead tech gains, while Lenovo jumped 7.4% to hit a record high
- Semiconductor stocks outperformed with SMIC up 4.6% and Hua Hong Semiconductor rising 6.2%
- AI-related stocks rallied sharply, with Zhipu up 6.4% and MiniMax surging 13%