Alibaba leads tech-driven jump in Hong Kong stocks as AI enthusiasm continues
The Hang Seng Tech Index surges and chipmakers gain amid positive analyst outlooks for domestic AI development
The Hang Seng Index shot up 1.6 per cent to 27,287.12 at the close. The Hang Seng Tech Index surged 3.4 per cent. Mainland stock exchanges are closed for the National Day and Mid-Autumn Festival holidays from Wednesday through October 8.
Short-video platform Kuaishou Technology surged 8.6 per cent to HK$91.85 while search-engine giant Baidu rose 4.5 per cent to HK$139.20. WeChat operator Tencent rallied 2 per cent to HK$676.50 and food-delivery service provider Meituan advanced 1.2 per cent to HK$105.80. Smartphone and car maker Xiaomi added 3.3 per cent to HK$55.80 after it delivered more than 40,000 vehicles in September.
Alibaba advanced 3.5 per cent to HK$183.10, after JPMorgan raised its price target for its US-listed shares by 45 per cent to US$245, citing an optimistic outlook for its cloud revenue amid domestic AI development. Alibaba owns the Post.
Limiting gains, online travel-booking platform Trip.com declined 1.8 per cent to HK$585.50 and blind-box toymaker Pop Mart lost 4.8 per cent to HK$254. Cordless power tools maker Techtronic Industries dropped 2.2 per cent to HK$97.40 and sportswear producer Anta Sports Products slipped 0.5 per cent to HK$93.05.