Hong Kong Shares Advance as Domestic AI Buzz Lifts Sentiment; Alibaba, SMIC Lead Gains

Published on 10/02/2025 at 04:36 am EDT
(MT Newswires) -- Hong Kong shares jumped on Thursday after a one-day break, lifted by renewed enthusiasm for China's artificial intelligence sector, with signs of stabilization in the property market added to the positive tone.
The Hang Seng Index gained 431.56 points, or 1.6%, to close at 27,287.12, while the Hang Seng China Enterprises Index rose 169.05 points, or 1.8%, to 9,724.38.
Investor sentiment was underpinned by DeepSeek's release of an experimental V3.2 foundation model earlier this week, which reignited interest in domestic AI.
Meanwhile, home sales by China's 100 biggest developers rose 0.4% in September to 252.8 billion yuan, reversing a 17.6% drop in August, according to China Real Estate Information Corp, cited by the South China Morning Post.
The uptick follows nearly three years of policy support, including the latest easing of purchase restrictions in Beijing and Shanghai.
In corporate news, Alibaba closed about 3% higher after JPMorgan Chase lifted its price target for the tech giant's Hong Kong shares by nearly 45%, citing stronger cloud revenue prospects and growing synergies between its AI and e-commerce operations.
Semiconductor Manufacturing International ( SMIC )advanced nearly 13% as AI-driven optimism spurred gains across the domestic chip sector.
Hua Hong Semiconductor gained over 7% on the same momentum.

Sumber : MT Newswires