Hong Kong Stocks Rise on Global Tech Gains

The Hang Seng Index climbed 0.8%, or 203 points, to 24,240 on Tuesday, extending gains as a technology-led rally in global markets boosted sentiment. Wall Street closed higher overnight on AI optimism and buyout activity, even as Treasury yields hovered near 5.31%. Lower oil prices also supported risk appetite, with Brent crude hovering around US$100 a barrel after falling 1.9% in the previous session as Middle East exports increased and G7 nations pledged to boost supplies. Trading remained relatively thin as mainland Chinese markets stayed closed for the National Day holiday. AI-related shares remained in focus, with biotech also rising. HSBC also drew attention after the HKMA questioned its decision to establish a global AI hub in Singapore rather than Hong Kong. Notable movers included Z.AI Co. (7.8%), Tencent (1.0%), Genscript Biotech (5.5%), MiniMax (4.3%), and Wuxi Biologics (3.3%).