Hong Kong Stocks Flat Amid AI Concerns
The Hang Seng Index traded nearly flat at around 23,057 on Monday, as investors weighed easing oil prices against concerns over technology valuations and China's growth outlook. Brent crude fell 1.0% to US$115.48 a barrel amid diplomatic efforts to ease Middle East tensions. However, technology shares remained under pressure amid uncertainty over returns on heavy artificial intelligence investment, with investors awaiting earnings from Alphabet, Microsoft and Amazon this week. Meituan plans to issue renminbi-denominated senior notes to refinance offshore debt, while China Hongqiao repurchased over 24 million shares for HK$450 million. Zijin Mining reported a 51.9% year-on-year increase in nine-month net profit to RMB57.53 billion. Investors also monitored China's Fifth Plenary Session for policy signals and awaited September industrial-profit data and October PMI releases. Notable laggards included Z.AI Co. (-3.3%), MiniMax (-7.2%) and SMIC (-3.8%) while Tencent gained 1%.
The Hang Seng Index traded nearly flat at around 23,057 on Monday, as investors weighed easing oil prices against concerns over technology valuations and China's growth outlook. Brent crude fell 1.0% to US$115.48 a barrel amid diplomatic efforts to ease Middle East tensions. However, technology shares remained under pressure amid uncertainty over returns on heavy artificial intelligence investment, with investors awaiting earnings from Alphabet, Microsoft and Amazon this week. Meituan plans to issue renminbi-denominated senior notes to refinance offshore debt, while China Hongqiao repurchased over 24 million shares for HK$450 million.
Zijin Mining reported a 51.9% year-on-year increase in nine-month net profit to RMB57.53 billion. Investors also monitored China's Fifth Plenary Session for policy signals and awaited September industrial-profit data and October PMI releases. Notable laggards included Z.AI Co. (-3.3%), MiniMax (-7.2%) and SMIC (-3.8%) while Tencent gained 1%.