Hong Kong Stocks Decline Despite Renewed AI Optimism
The Hang Seng Index edged down 0.3%, or 63 points, to around 23,150 on Tuesday, diverging from a broader rally across Asian markets as losses in healthcare, consumer and manufacturing shares outweighed gains in technology stocks. The decline came despite renewed optimism surrounding Anthropic’s US IPO filing, which lifted Wall Street overnight and revived interest in AI-related shares. However, concerns over the sustainability of massive AI investments persisted, particularly after Meta announced plans to raise up to US$95 billion to fund its AI infrastructure expansion. Meanwhile, Brent crude fell for a second day amid diplomatic efforts to ease US-Iran tensions, retreating from a six-month high. Investors also awaited HSBC’s earnings for further clues on the outlook for Hong Kong-listed banks. Notable lossers were Duality Biotherapeutics (-21.9%), Xiaomi (-2.3%), Meituan (-1.5%), Akeso (-1.4%), and Wuxi Biologics (-1.1%).
The Hang Seng Index edged down 0.3%, or 63 points, to around 23,150 on Tuesday, diverging from a broader rally across Asian markets as losses in healthcare, consumer and manufacturing shares outweighed gains in technology stocks. The decline came despite renewed optimism surrounding Anthropic’s US IPO filing, which lifted Wall Street overnight and revived interest in AI-related shares. However, concerns over the sustainability of massive AI investments persisted, particularly after Meta announced plans to raise up to US$95 billion to fund its AI infrastructure expansion.
Meanwhile, Brent crude fell for a second day amid diplomatic efforts to ease US-Iran tensions, retreating from a six-month high. Investors also awaited HSBC’s earnings for further clues on the outlook for Hong Kong-listed banks. Notable lossers were Duality Biotherapeutics (-21.9%), Xiaomi (-2.3%), Meituan (-1.5%), Akeso (-1.4%), and Wuxi Biologics (-1.1%).