Hong Kong stocks rebound as tech giants lift market

Hong Kong shares reversed early losses to finish the morning session higher on Wednesday, buoyed by heavyweight technology stocks.

The benchmark Hang Seng Index rose 238 points, or 0.91 percent, to 26,397, with turnover at HK$150.9 billion. The Hang Seng Tech Index climbed 2.19 percent to 6,301.

Alibaba (9988) jumped more than 6 percent after it pledged further investment in artificial intelligence and Cathie Wood’s Ark Investment bought into the company, adding over 140 points to the benchmark.

China's top chipmaker SMIC (0981) surged nearly 7 percent to HK$77.65, making it the best-performing blue-chip stock.

In mainland China, the Shanghai Composite Index gained 0.63 percent to 3,845 at the midday close, while the Shenzhen Composite Index rose 1.11 percent to 13,265.

STAFF REPORTER