Tech shares drive Hong Kong and China stocks higher
SHANGHAI (REUTERS)Hong Kong and China stocks rose 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.China's blue-chip CSI300 Index and the Shanghai Composite Index both edged up 0.1% by the lunch break. Hong Kong benchmark Hang Seng was up 0.4%.Hong Kong's equity market offers strategic value for global investors, serving as a key option for diversifying portfolios and navigating the ongoing shift away from the US dollar, Huatai analysts said in a note.The analysts said technology remains a central investment theme."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," they said, adding that Hong Kong remains under-allocated.Tech shares traded in Hong Kong were up 0.9%, tracking gains in Chinese ADRs listed in New York overnight, while onshore tech shares climbed 1.0%.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 on Thursday.
The CSI Rare Earth Index rose 0.7%, 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.
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