HK stocks rise as AI ban fears take toll on mainland
Hong Kong shares rose on Monday as mainland markets started the week on the backfoot on news that a bipartisan group of US lawmakers had introduced legislation to bar the federal government from equipping sensitive government systems with Chinese-made components used to transmit data in AI data centres. In Hong Kong, the benchmark Hang Seng Index opened up 44 points, or 0.18 percent, at 24,554.…
Hong Kong stocks experienced a surge on Monday as mainland markets initiated the week with a downturn, primarily due to US lawmakers proposing a bill that would prevent the federal government from procuring Chinese-made components for AI data centers. The Hang Seng Index in Hong Kong started the day at 24,554, climbing by 44 points, or 0.18 percent.
The tech index climbed 12 points, or 0.29 percent, while the China enterprises index increased 29 points, or 0.36 percent. Conversely, in Shanghai, the Shanghai Composite Index began the trading session nearly 10 points, or 0.26 percent, lower at 3,878. The Shenzhen Component Index and the ChiNext Index both declined by 0.38 percent and 0.65 percent, respectively.
The mainland's retreat, spurred by the US legislative news, led to significant drops in tech-focused indices such as the Star Composite Index, SSE Star 200 Index, and CSI 300 Telecommunication Services Index, with some even hitting their lowest levels in early trading. Despite the global market fluctuations, the Nikkei Index in Tokyo opened 141 points, or 0.21 percent, higher at 66,505, and the Kospi Index in Seoul started the day at 7,057, falling by 23 points, or 0.33 percent.
Written by urgent.news from RTHK News - Finance's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
