Hong Kong stocks snap 5-day slide on tech rebound as US equities hit correction
Hong Kong
stocks rose on Friday, halting a five-day slump, as investors resumed buying tech companies on optimism advances in artificial intelligence (AI) will sustain a bull run this year. Port operator CK Hutchison plunged on concerns about its politically-charged asset sale.
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The Hang Seng Index increased 0.9 per cent to 23,677.68 as of 10am local time, following a 3.7 per cent loss over the preceding five trading days stoked by worries about trade wars. The Hang Seng Tech Index climbed 0.8 per cent while the Shanghai Composite Index gained 0.8 per cent.
Alibaba Group Holding rose 2.9 per cent to HK$135.30, while Wuxi Biologics surged 10 per cent to HK$25.80 and Baidu rallied 3.8 per cent to HK$92.85. Mengniu Dairy jumped 4.7 per cent to HK$19.02, and Zijin Mining Group surged 4 per cent to HK$16.94 and EV maker BYD strengthened 1.7 per cent to HK$367.
Elsewhere, CK Hutchison sank 5.9 per cent to HK$46.50 after a state-backed newspaper Ta Kung Pao posted an article rebuking its
sale of port assets , including two in Panama, to leading US-based investors.
Hong Kong's stock market has risen 17 per cent this year, while the tech barometer rallied 28 per cent in a rally fuelled by Chinese start-up DeepSeek's AI breakthroughs. Global banks including Citigroup and Goldman Sachs became more bullish on Chinese stocks on valuation appeal as US equities hit correction mode.
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Stocks in the US fell overnight after President Donald Trump said he would impose fresh 200 per cent tariffs on wine, champagne and other alcoholic beverages from Europe. The S&P 500 Index fell to a six-month low, bringing the losses to more than 10 per cent from its February peak. The Nasdaq Composite Index fell 2 per cent.
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