Tech lifts China, HK shares amid risk-on mood
SHANGHAI: China and Hong Kong stocks rose on Tuesday, led by AI supply chain shares, as an overnight equity rally on Wall Street and sliding oil prices lifted risk sentiment across Asia. 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 0.2%. Chip supply chain shares across Asia climbed, tracking an…
China and Hong Kong stocks experienced a rise on Tuesday due to an overnight equity rally on Wall Street and falling oil prices, which boosted risk sentiment throughout Asia. The CSI300 Index and the Shanghai Composite Index both saw a slight increase of 0.1% by midday. The Hong Kong benchmark Hang Seng also rose by 0.2%. Chip supply chain shares in Asia followed the upward trend, mirroring the Wall Street rally, with the Nasdaq climbing 2.7%.
The 5G Communication Index surged by 2.7%, leading the gains in the region, while the tech-focused STAR50 Index rose by 1%. Hong Kong-listed shares of optical communication giant Zhongji Innolight experienced a significant jump of 10%. Tech companies listed in Hong Kong saw a 0.5% increase. Wuxi AppTec shares surged as much as 5% before easing, following the Pentagon's removal of the Chinese biotechnology company from its list of military-linked entities.
Non-ferrous metal shares climbed by 0.5% as gold prices rebounded this month, aided by lower oil prices. The CSI Energy Index declined by 2.2%, with PetroChina falling 5.2%. Chinese trade surplus exceeded $1 trillion in the first ten months, fueled by the global race to build AI infrastructure, which boosted sales of high-tech products and partially offset weak domestic demand.
Chinese chip firms Suzhou Denglin Technology and Jiangsu Xinde Semiconductor Technology made their debuts on the Hong Kong market following their initial public offerings, raising a combined HK$2.36 billion ($301 million).
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