Hong Kong Stocks Rise on China PMI Data; Alibaba Soars on Earnings, AI Chip Report

Published on 09/01/2025 at 04:49 am EDT
(MT Newswires) -- Hong Kong stocks closed higher on Monday as sentiment improved on stronger Chinese manufacturing data and upbeat quarterly results from Alibaba, alongside media reports about the company's new AI chip development.
The Hang Seng Index rallied 539.80 points, or 2.2%, to 25,617.42, while the Hang Seng China Enterprises Index advanced 174.08 points, or 2.0%, to 9,121.87.
China's official manufacturing PMI edged up to 49.4 in August from 49.3 in July, remaining below the 50-point threshold that separates growth from contraction and missing a Reuters poll forecast of 49.5.
The non-manufacturing PMI, which covers services and construction, rose to 50.3 from 50.1, indicating faster expansion, the National Bureau of Statistics said.
In corporate news, Alibaba closed about 19% higher after reporting a 78% surge in attributable profit for the June quarter.
Media reports also emerged that the Chinese tech giant has developed a new AI chip designed to handle a broader range of inference tasks, making it more versatile than earlier models.
Meanwhile, Guangzhou Innogen Pharmaceuticalfell nearly 6% to close at HK$41.98 after reporting a wider first-half loss.

Sumber : MT Newswires