Home / Business and Economy / HK Stocks Rebound on AI & Chip Surge
HK Stocks Rebound on AI & Chip Surge
24 Apr
Summary
- Hang Seng Index rose 0.24% on tech and semiconductor strength.
- SMIC surged 10%, leading blue-chip gainers amid AI demand.
- Travel surge indicates recovering domestic consumption.
Hong Kong's stock market saw a notable recovery, with the Hang Seng Index closing 0.24% higher at 25,978. This rebound was primarily driven by a surge in technology and semiconductor stocks, reflecting enhanced investor confidence in growth sectors.
Key drivers included major players like Alibaba and Baidu, alongside a remarkable 10% surge in SMIC, underscoring growing optimism in China's semiconductor industry. Advancements in AI tools such as OpenAI Sora have amplified demand for high-performance chips, benefiting companies throughout the supply chain. Market turnover reached HK$236.7 billion, indicating robust investor participation.
While technology shares rallied, auto stocks like Geely Automobile and Li Auto experienced declines. Healthcare stocks also contributed positively, influenced by global efforts to lower prescription drug costs. In contrast, mainland Chinese indices, including the Shanghai Composite, posted losses, highlighting Hong Kong's relative resilience.
Further economic indicators suggest improving sentiment, with Golden Week holiday travel showing a nearly 8% year-on-year increase. This surge in journeys and tourism points to a gradual recovery in domestic consumption and broader economic momentum. The sustainability of Hong Kong's market performance will depend on earnings strength, policy support, and economic recovery signals from China.
