Hong Kong Stocks Recover as Energy Gains Offset AI Worries
The Hang Seng Index edged up 0.5%, or 123 points, to around 23,217 on Monday, supported by strength in energy stocks and selected consumer-facing companies following last week's sharp sell-off. Petroleum shares led the recovery, with PetroChina rising 4.1%, Sinopec gaining 3.7% and CNOOC advancing 2.1% in morning trading, amid higher crude prices. Meituan also climbed 3.1% after proposing a renminbi-denominated senior notes offering, while Sinopharm Group jumped 6.1%. However, the rebound remained uneven. Semiconductor stocks weakened amid persistent concerns over the returns on heavy artificial-intelligence investment, while gold miners retreated alongside lower gold prices. Investors also remained cautious ahead of major US technology earnings and upcoming central-bank policy decisions.
The Hang Seng Index edged up 0.5%, or 123 points, to around 23,217 on Monday, supported by strength in energy stocks and selected consumer-facing companies following last week's sharp sell-off. Petroleum shares led the recovery, with PetroChina rising 4.1%, Sinopec gaining 3.7% and CNOOC advancing 2.1% in morning trading, amid higher crude prices. Meituan also climbed 3.1% after proposing a renminbi-denominated senior notes offering, while Sinopharm Group jumped 6.1%. However, the rebound remained uneven.
Semiconductor stocks weakened amid persistent concerns over the returns on heavy artificial-intelligence investment, while gold miners retreated alongside lower gold prices. Investors also remained cautious ahead of major US technology earnings and upcoming central-bank policy decisions.