Hong Kong Stocks Rebound

The Hang Seng Index rose 1.1%, or 255 points, to around 23,220 on Friday, recovering from the previous sessions' losses as gains in energy, technology services and financial shares lifted the market. Energy stocks drew support from Sinopec's 57% increase in third-quarter profit, while Tencent's latest AI model and international rollout of its office AI agent highlighted continued investment in the technology sector. However, concerns over the returns on heavy AI spending continued to weigh on technology stocks, following a broad selloff in semiconductor and AI shares. Among notable movers, PetroChina (2.5%), AIA (3.6%), and Meituan (4.0%). Meanwhile, mainland Chinese investors have sold a net HK$24 billion of Hong Kong shares this month, putting October on track for the largest outflow since 2021. Investors now await China's October manufacturing PMI on Saturday for fresh signals on economic momentum. Despite Friday's rebound, the Hang Seng remained down 4.8% for October.