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Good day, traders!
What you need to know: Hong Kong stocks rose in a relief rally on Wednesday as concerns about artificial intelligence disruption eased.
The Hang Seng Index climbed 0.6 per cent to 26,739.79 as of 9.48am local time. The Hang Seng Tech Index gained 1 per cent. On the mainland, the CSI 300 Index and the Shanghai Composite Index both added 0.5 per cent.
Hotpot restaurant operator Haidilao International Holdings rallied 4.6 per cent to HK$17.26 and Anta Sports Products gained 3.6 per cent to HK$87.55. Alibaba Group Holding added 1 per cent to HK$149.50 and Tencent Holdings rose 1.2 per cent to HK$526.
Local stocks tracked a rebound in global tech shares overnight after jitters faded that AI could upend business models across industries from software to logistics and wealth management. Investors were also awaiting earnings from AI chipmaker Nvidia due on Wednesday, which could reshape expectations for the AI trade.
Top HK gainers: Haidilao (6862), Longfor Group (960), Anta Sports (2020)
Top HK losers: WH Group (288), Xinyi Solar (968), CLP (2)
Top HK traded: Construction Bank (939), ICBC (1398), Cnooc (883)
Noteworthy: China has vowed to refine its energy strategy and ramp up major engineering projects over the next five years, placing energy security at the heart of its new development blueprint. The National Energy Administration announced on Monday that it would introduce a new development framework this year, together with a series of sector-specific plans, as Beijing enters its latest five-year plan period.
Stories of interest to investors:
* SFC moves to freeze assets of 3 insider traders who have left Hong Kong
* Why China’s path to ‘financial superpower’ status could begin in Hong Kong
* US investors increase buying of Hong Kong, mainland Chinese stocks despite trade tensions
* China’s top court backs legal action against corrupt firms amid equity markets rally
* Standard Chartered’s 2025 profit jumps 16% buoyed by robust wealth management growth
* Chinese investors and analysts shrug off AI fears after Citrini report sparks US sell-off
* AI apps soar in China as Lunar New Year giveaway battle boosts user growth
* US-Indonesia deal threatens China’s ‘entrenched position’ in nickel market: analysts
* Chinese EV maker Geely bets on longer-range, faster-charging tech over another price war
* China weighs response as Trump imposes new global tariff after court ruling
* If you'd like to reach the stocks team, click here.
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