Hong Kong Stocks Recover After Early Selloff
The Hang Seng Index gained 0.3%, or 74 points, to close at 24,345 on Tuesday after tumbling in the morning, as the market recovered from early losses despite continued pressure on technology stocks. Sentiment remained fragile amid a global selloff in AI-related shares, driven by concerns over intensifying competition in the semiconductor industry, elevated valuations and the returns on heavy AI spending. Rising geopolitical tensions and Brent crude prices near US$105 a barrel also kept inflation and interest-rate concerns in focus. Tencent Holdings drew strong investor demand for its planned bond sale, attracting more than US$15.5 billion in orders for an offering targeting at least US$4.5 billion, even as investors scrutinized technology companies’ AI investment plans. Market participants also awaited upcoming US inflation data and corporate earnings. Notable movers were Xiaomi (2.0%), AIA (2.0%), Meituan (0.6%) and Geely (3.1%).
3%, or 74 points, to close at 24,345 on Tuesday after tumbling in the morning, as the market recovered from early losses despite continued pressure on technology stocks. Sentiment remained fragile amid a global selloff in AI-related shares, driven by concerns over intensifying competition in the semiconductor industry, elevated valuations and the returns on heavy AI spending. Rising geopolitical tensions and Brent crude prices near US$105 a barrel also kept inflation and interest-rate concerns in focus. 5 billion, even as investors scrutinized technology companies’ AI investment plans.
Market participants also awaited upcoming US inflation data and corporate earnings. 1%).