Media365
The Hang Seng Index added 0.4 per cent to 25,924.29 at 9.50am local time, halting a decline that started on Friday. The Hang Seng Tech Index fell 0.2 per cent. On the mainland, the CSI 300 Index gained 0.3 per cent and the Shanghai Composite rose 0.1 per cent.
Search-engine giant Baidu rose 2 per cent to HK$113.40, while home-grown chipmaker SMIC added 1.3 per cent to HK$73.95. Short-video sharing platform Kuaishou Technology advanced 3.1 per cent to HK$65.50 and power-tool producer Techtronic Industries surged 3.9 per cent to HK$87.35.
Limiting the gains, online travel platform Trip.com lost 2.4 per cent to HK$561, while smartphone and carmaker Xiaomi dropped 1.9 per cent to HK$38.10. Blind-box toymaker Pop Mart International eased 1.3 per cent to HK$204 and online-games provider NetEase slipped 1.2 per cent to HK$213.
Overnight, the S&P 500 strengthened 0.4 per cent, while the Nasdaq added 0.6 per cent. Nvidia, the focal point of the AI rally, reported a record quarterly revenue of US$57 billion, increasing 22 per cent from the previous quarter and 62 per cent from a year earlier. The chipmaker’s strong results helped steady sentiment across global tech shares, easing fears that surging valuations had run ahead of fundamentals.
Separately, both A and H shares of China International Capital Corporation, the nation’s top investment bank, were halted from trading after it proposed a merger with brokerage firms Cinda Securities and Dongxing Securities to support China’s financial market reform. The trading suspension could last up to 25 days.
