Hong Kong stocks rebounded on Sept 18, led by a sharp rally in artificial intelligence (AI) and semiconductor shares as easing oil prices and lower US long-term yields helped investors look past concerns over tighter Federal Reserve policy.
The Hang Seng Index rose 146.49 points, or 0.6%, to 24,750.78 on Sept 18, after gaining as much as nearly 260 points earlier in the session. Turnover stood at about HK$266.5 billion.
Technology stocks significantly outperformed the broader market, with the Hang Seng Tech Index surging 2.2% to 4,405.50, while the Hang Seng China Enterprises Index advanced 0.61% to 8,225.40.
The rebound was driven largely by strength in AI and semiconductor counters, extending gains in US technology stocks. Lower crude prices also eased concerns that energy-driven inflation could force global central banks to tighten monetary policy more aggressively, while a retreat in US long-term bond yields provided additional support to growth stocks.
Lenovo Group jumped 9.5%, emerging as the Hang Seng’s strongest performer, amid optimism over demand for AI servers. Semiconductor stocks also rallied, with SMIC and Hua Hong Semiconductor gaining more than 4%, while Alibaba climbed nearly 4%.
Mainland property counters also strengthened during afternoon trading, providing another boost to the market. Gains, however, were partly offset by weakness in selected banks, consumer stocks and oil-related counters as crude prices retreated.
Despite the rebound, the Hang Seng ended the week 0.2% lower, while the Hang Seng Tech Index gained about 2% for the week, highlighting continued investor preference for technology and AI-related names amid a volatile global rate environment.
