Hong Kong Stocks Rebound on AI Optimism and Bargain Hunting
The Hang Seng Index edged higher 0.3%, or 79 points, to 23,943 on Wednesday, recovering part of the previous session’s losses as investors sought bargains following Tuesday’s sell-off. Gains were supported by improved sentiment on Wall Street and renewed optimism over AI server demand after Super Micro Computer raised its revenue outlook, offering some relief to technology stocks amid concerns over the returns on heavy AI investment. However, the recovery remained tempered by China’s policy outlook after stronger-than-expected third-quarter economic growth reduced expectations for additional stimulus, while the People’s Bank of China kept its benchmark lending rates unchanged. Investors also monitored US interest-rate expectations and corporate earnings for clues on the outlook for global equities. Notable movers included Z.AI Co. (4.6%), Lenovo (3.2%), Genscript Biotech (7.7%), Kingboard Laminates (3.6%), and MiniMax (1.9%).
The Hang Seng Index edged higher 0.3%, or 79 points, to 23,943 on Wednesday, recovering part of the previous session’s losses as investors sought bargains following Tuesday’s sell-off. Gains were supported by improved sentiment on Wall Street and renewed optimism over AI server demand after Super Micro Computer raised its revenue outlook, offering some relief to technology stocks amid concerns over the returns on heavy AI investment.
However, the recovery remained tempered by China’s policy outlook after stronger-than-expected third-quarter economic growth reduced expectations for additional stimulus, while the People’s Bank of China kept its benchmark lending rates unchanged. Investors also monitored US interest-rate expectations and corporate earnings for clues on the outlook for global equities. Notable movers included Z.AI Co. (4.6%), Lenovo (3.2%), Genscript Biotech (7.7%), Kingboard Laminates (3.6%), and MiniMax (1.9%).