Hang Seng Rallies to Close Near 2-Month Peak
The Hang Seng Index rose 294 points (1.4%) to close at 20,892, reaching a near two-month high. This increase was driven by optimism in China's AI sector, particularly following advancements from DeepSeek. The tech index gained 2.6%, led by significant rises in Sunny Optical Tech (10.4%) and Semiconductor Manufacturing (6.3%). BYD Co. surged nearly 20% ahead of its upcoming event. Consumer and property sectors also saw gains of 1.9% and 1.7%, respectively, while investors remained cautious ahead of upcoming US and China economic data releases.
The Hang Seng surged 294 points or 1.4% to end at 20,892 on Thursday, reversing weakness in the prior session amid a rise in US futures after Wall Street's major indexes saw back-to-back gains Wednesday.
Markets revisited their highest level in almost two months, amid mounting optimism around China's AI sector following a breakthrough from the start-up DeepSeek.
The tech index climbed 2.6%, buoyed by robust gains from Sunny Optical Tech. (10.4%), Semiconductor Manufacturing (6.3%), and Hua Hong Semiconductor (7.5%).
BYD Co. soared near 20% as it plans to hold an intelligent strategy launch event next week and allow people to experience advanced intelligent driving.
Consumers and property also booked solid gains, rising by 1.9% and 1.7%, respectively.
Limiting further gains was vigilance ahead of Friday’s NFP data in the US, and January CPI and PPI data in China next week.
Other top movers included Geely Auto (5.0%), Wuxi Biologics (4.7%), SenseTime Group (4.2%), and KE Hlds. (3.7%).
