Tech shares continue to lift HK, mainland markets

Hong Kong and mainland stocks rose in the morning session, with China’s growing artificial intelligence capabilities boosting optimism in the market.

The Hang Seng Index rose 489 points or 2.24 percent to 22,303 points at noon. The midday market turnover was up 4.7 percent compared to the previous day, reaching HK$163.7 billion.

The Hang Seng China Enterprises Index gained 195 points or 2.44 percent to 8,197 points, while the Tech Index closed at 5,395 points, up 3.07 percent.

Tech stocks continued to perform well in the morning. Tencent (0700) rose 4.34 percent, Alibaba (9988) gained 2.74 percent and Meituan (3690) advanced 4.38 percent. Xiaomi (1810) increased 4.68 percent, JD.com (9618) went up 4.95 percent and Kuaishou Technology (1024) climbed 4.73 percent.

Among the blue-chip stocks, Alibaba Health Information Technology (0241) came out the top gainer, rising 16.19 percent to close at HK$5.31.

However, Semiconductor Manufacturing International (0981) fell 2.93 percent to HK$44.65 at the close, recording the largest loss.

The mainland stock market also experienced an upswing. The Shanghai Composite Index closed at 3,340 points at midday, up 8 points or 0.25 percent, while the Shenzhen Component Index reached 10,743 points, rising 117 points or 1.1 percent.

The two exchanges saw a combined trading volume of 1.04 trillion yuan (HK$970 billion).

STAFF REPORTER and BLOOMBERG