Hong Kong stocks rose on Thursday as a rally in Chinese technology stocks continued.
The Hang Seng Index edged up by about 0.4 per cent to 26,633.11 at the noon break. The Hang Seng Tech Index gained 1.9 per cent. On the mainland, the CSI 300 Index rose 0.9 per cent and the Shanghai Composite Index gained 0.2 per cent.
Chinese tech giant Alibaba Group Holding rose 0.5 per cent to HK$174.80, reaching its highest in more than four years. JD.com rose 6.2 per cent to HK$141.20, and Chinese search engine giant Baidu surged 4.4 per cent to HK$134.20. Zijin Mining Group, one of the largest gold and copper producers in China, rose 6.3 per cent to HK$31.50.
Limiting gains, Chinese home appliance giant Haier Smart Home fell 4 per cent to HK$25.28. Hang Seng Bank slumped 2.2 per cent to HK$115.60, and Bank of China dropped 1.9 per cent to HK$4.19.
“Tech stocks are likely to continue to rally as investors remain enthusiastic about the continued development of new language models beyond DeepSeek, the potential for semiconductor manufacturing in China and AI-related benefits such as cost savings,” said Kai Wang, a market strategist at Morningstar. “Given that many hyperscalers including Alibaba are likely to expand their [capital expenditures], the momentum should continue until there appears to be diminishing returns.”
