Hong Kong stocks climb amid tech optimism in best weekly gain since October
The Hang Seng Index approached October peak even as some investors await US jobs data for clues on interest-rate decisions
Hong Kong stocks advanced after gains in tech companies propelled the city’s benchmark index to its best weekly performance in four months, even as some investors reduced their positions before a US jobs report for clues on interest-rate path.
The Hang Seng Index rose 1.2 per cent to 21,133.54 at the close of trading on Friday, while the Tech Index climbed 1.8 per cent. The gauges advanced 4.5 per cent and 9 per cent, respectively, from a week ago. On the mainland, the CSI 300 Index rose 1.3 per cent while the Shanghai Composite Index added 1 per cent.
Lenovo Group surged 6.3 per cent to HK$12.22, while Xiaomi rose 4.7 per cent to HK$42.45 after announcing a new electric vehicle (EV) and phone line-up. HSBC raised Xiaomi’s price target to HK$49.90 from HK$37.90, saying that it has become the biggest beneficiary of China’s subsidy programme.
Huatai Securities raised PC maker Lenovo’s price target to HK$13.85 from HK$13.30, as demand for PC power is seen increasing thanks to DeepSeek making artificial intelligence (AI) more widely accessible.
“Technology stocks have risen more in recent weeks and are likely to continue to rise further due to the inflow of funds,” said Kenny Wen, head of investment strategy at KGI Asia. Gains in Chinese stocks are yet to benefit from better long-term fundamental factors, he added.
EV maker Geely Automobile rallied 8.1 per cent to HK$17.72, pacing gains among industry peers. Li Auto advanced 7.6 per cent to HK$103.20 and BYD strengthened 4.5 per cent to HK$330. Solar-panel maker Xinyi Solar rose 7.8 per cent to HK$3.59.
