Hang Seng Index hits over-one-month high on Thursday, Alibaba up by 3pc

Hong Kong stocks hit their highest in over one month on Thursday, powered by tech shares, defying a retreat in Asian markets.

The benchmark Hang Seng Index rose as much as over 500 points at one point before paring the gains to 327, or 1.33 percent, to 25,008 at the close. 

The market turnover rose to HK$322.9 billion.

The Hang Seng Tech Index climbed 2 percent to 4,834 points. Alibaba (9988) climbed 3.1 percent after Apple picked its Qwen AI model to power the iPhone maker’s Apple Intelligence across its operating systems in China.

In the mainland, the Shanghai Stock Exchange Composite Index was down by 1.9 percent to 3,882 points and the Shenzhen Stock Exchange Component Index fell by 2 percent to 14,488 points.

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