Hang Seng rises about 2.2% to a two-week high on tech rally

The Hang Seng Index rose about 2.2%, or 541 points, to open at 25,751 on Friday, rebounding from the previous session’s losses and reaching its highest level since August 21, supported by a global tech rally and reduced expectations of a September Fed rate hike.

Global technology stocks gained overnight after Fed Governor Christopher Waller signalled a preference to keep rates steady if inflation continues to cool, easing concerns over tighter monetary policy and boosting risk appetite.

Chinese AI firm Moonshot AI also reportedly confidentially filed for a Hong Kong IPO that could raise around US$3 billion, further lifting sentiment toward the tech sector.

Tencent Holdings climbed about 2.2% after an HKEX filing showed it bought back 229,000 shares for HK$100.3 million on September 3.

Tech gainers included MiniMax (7.8%), Xiaomi (3.9%), and Meituan (3.7%), while financials rose about 2.4%, led by AIA Group (1.4%), HK Exchanges and Clearing (1.5%), and China Resources Land (2.4%).