HK stocks end with strong gains on tech hopes
HK stocks end with strong gains on tech hopes
The Hang Seng Index ended 252.94 points, or 1.07 percent, up at 23,906.97. File photo: RTHK
Hong Kong and mainland Chinese stocks ended the day with gains on Thursday, led by tech and artificial intelligence shares, as analysts said Hong Kong-listed tech firms remain under-represented in global AI investment portfolios.
In Hong Kong, the benchmark Hang Seng Index put on 252.94 points, or 1.07 percent, to end trading for the day at 23,906.97.
Huatai analysts pegged Hong Kong's equity market as a strategic asset for global investors seeking to diversify their portfolio and a potential hedge against US dollar volatility.
Technology is a central investment theme, they said, adding Hong Kong remains under-allocated.
"As future gains in global productivity are expected to hinge on advances in artificial intelligence, the companies best positioned to lead this race are largely concentrated in the US and Hong Kong."
Tech stocks traded in Hong Kong gained 1.9 percent, tracking the overnight rise in Chinese ADRs listed in New York, while the onshore shares climbed 2.3 percent.
Chinese stocks closed higher, with the benchmark Shanghai Composite Index up 0.23 percent to 3,384.10.
The Shenzhen Component Index closed 0.58 percent higher at 10,203.50.
Combined turnover at these two indices stood at 1.29 trillion yuan, higher than 1.15 trillion yuan on the previous trading day.
Shares related to media, entertainment and electronic information led the gains, while those in the food and bio-medicine sectors were among the biggest losers.
The ChiNext Index, tracking China's Nasdaq-style board of growth enterprises, gained 1.17 percent to close at 2,048.60.
China's CSI Internet Finance Index jumped 2.3 percent as investors shifted focus to fintech opportunities after Hong Kong passed a stablecoin bill last month.
China's services activity expanded at a slightly faster pace in May, with new orders growing more quickly than in April, though new export orders declined due to uncertainty stemming from US tariffs, a private-sector survey showed.
The CSI Rare Earth Index rose 0.8 percent, after a group representing auto suppliers in the United States called for immediate action to address China's restricted exports of rare earths, minerals and magnets, warning the issue could quickly disrupt auto parts production. (Reuters/Xinhua)
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