
HK stocks slip as tech hopes lift mainland markets
The Hang Seng Index ended down 18.81 points, or 0.077 percent, at 24,498.95. File photo: AFP
Mainland China shares edged up on Thursday, buoyed by regulatory support for the auto sector and renewed optimism in AI-related stocks, while Citi upgraded China equities, citing improved earnings trends and structural growth themes.
In Hong Kong, the benchmark Hang Seng Index ended at 24,498.95, down 18.81 points or 0.077 percent, holding near a four-month high.
Across the border, the benchmark Shanghai Composite Index closed up 0.37 percent at 3,516.83 while the Shenzhen Component Index ended even higher by 1.43 percent at 10,873.62.
The combined turnover of these two indexes stood at 1.54 trillion yuan, up from 1.44 trillion yuan on Wednesday.
Stocks related to aircraft manufacturing and textile machinery led gains while the ceramics and water and gas supply sectors suffered major losses.
The ChiNext Index, tracking China's Nasdaq-style board of growth enterprises, gained 1.75 percent to close at 2,269.33.
Leading gains were AI-related shares that added 1.8 percent and the info tech sector that jumped 2.1 percent, as news that Nvidia will ramp up supply of H20 chips to China lifted sentiment.
Auto stocks edged up 1.7 percent after authorities pledged to regulate the excessive competition and intense price wars in the electric vehicle industry.
The biotech and healthcare sectors rallied more than 5 percent after US President Donald Trump dialled down his harsh tone towards China, offering fresh optimism about the trade deal prospects.
Analysts at Citi upgraded China equities to "overweight", citing comparatively improved earnings outlook, reasonable valuations, and structural themes such as AI and corporate governance reforms.
Internet names are among the top picks, as recent headlines about resumed sales of AI chips by US companies to China could be incrementally positive, the analysts said. (Reuters/Xinhua)
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