Latest news with #HangSengTechIndex
RTHK
4 days ago
- Business
- RTHK
HK stocks surge on ceasefire and rate cut hopes
HK stocks surge on ceasefire and rate cut hopes The Hang Seng Index ended trading for the day up 297.60 points, or 1.23 percent, at 24,474.67. File photo: AFP Shanghai stocks closed at a more-than-six-month high on Wednesday while Hong Kong ended at its loftiest since March, boosted by a ceasefire between Israel and Iran, as well as some hopes of an earlier-than-expected US Federal Reserve rate cut. In Hong Kong, the benchmark Hang Seng Index ended trading for the day up 297.60 points, or 1.23 percent, at 24,474.67. The Hang Seng China Enterprises Index climbed 1.13 percent to end at 8,859.29 while the Hang Seng Tech Index jumped 1.15 percent to close at 5,359.02. On the mainland, the benchmark Shanghai Composite Index closed up 1.04 percent at 3,455.97, its highest close since December 12. The blue-chip CSI300 index was up 1.44 percent at 3,960.07 points, the highest closing level since March 20. The Shenzhen Component Index closed 1.72 percent higher at 10,393.72. The ChiNext Index, tracking China's Nasdaq-style board of growth enterprises, gained 3.11 percent to close at 2,128.39. The gains came after a ceasefire brokered by US President Donald Trump between Iran and Israel appeared to be holding, a day after both countries signalled that their air war had ended, at least for now. "Tensions between Iran and Israel will be eyed as financial markets remain hopeful that a delicate ceasefire between the two nations would hold," analysts at UOB said in a note. Brokerage shares led the gains, with CSI securities sub-index rallying 5.48 percent. Defence shares were also among top winners, with the sub-index jumping 3.68 percent. Meanwhile, Premier Li Qiang said on Wednesday that he was confident the country could maintain a "relatively rapid growth rate" and transition from a manufacturing-led economy to a consumer-driven one. US Federal Reserve chairman Jerome Powell said on Tuesday that higher tariffs could begin raising inflation this summer, a period that will be key to the US central bank considering possible interest rate cuts. "While Powell reiterated the message that Fed need not rush to cut, he did suggest that the Fed may cut rates sooner rather than later if inflation pressures remain contained," OCBC analysts said in a note. "But he was careful in not committing to a timeline." Fed rate cuts could aid Hong Kong stocks as they are closely tied to global monetary policy shifts. (Reuters/Xinhua)
RTHK
5 days ago
- Business
- RTHK
Hang Seng Index shows relief bump over ceasefire
Hang Seng Index shows relief bump over ceasefire The Hang Seng Index ended the day up 487.94 points, or 2.06 percent, at 24,177.07. File photo: RTHK Mainland Chinese and Hong Kong stocks rose on Tuesday, joining a broader rally across Asia, as global risk appetite improved following US President Donald Trump's announcement of a ceasefire between Israel and Iran. In Hong Kong, the benchmark Hang Seng Index ended the day with solid gains of 487.94 points, or 2.06 percent, at 24,177.07, the biggest single-day gain in over five weeks. Tech firms and car makers led gains in Hong Kong, with the Hang Seng Automobile Index adding over 3 percent and the Hang Seng Tech Index climbing 2.1 percent. On the mainland, the benchmark Shanghai Composite Index ended up 1.15 percent at 3,420.57 while the Shenzhen Component Index closed 1.68 percent higher at 10,217.63. Combined turnover at these two indices stood at 1.41 trillion yuan, up from 1.12 trillion yuan on the previous trading day. Shares in the solid-state battery, robotics and gaming sectors led gains while those related to oil and gas, shipping and precious metals were among the biggest losers. The ChiNext Index, tracking China's Nasdaq-style board of growth enterprises, gained 2.3 percent to close at 2,064.13. Markets reacted positively to the news that Trump announced a complete ceasefire between Israel and Iran, potentially ending the 12-day war that saw millions flee Tehran and prompted fears of further escalation in the war-torn region. Risk sentiment in China markets probably won't get much worse from here, and further dips on Middle East tensions might signal a new round of buying opportunities, analysts at Bank of China (International) Securities said in a note. In Tokyo, the benchmark Nikkei stock index, the 225-issue Nikkei Stock Average, closed at 38,790.56, up 436.47 points, or 1.14 percent, from the previous trading day as investor sentiment was lifted after news that Israel and Iran had agreed to a ceasefire, easing geopolitical concerns. The broader Topix index also rebounded, rising 20.17 points, or 0.73 percent, to 2,781.35. (Reuters/Xinhua)
RTHK
6 days ago
- Business
- RTHK
HK stocks end up on strong Stock Connect inflows
HK stocks end up on strong Stock Connect inflows The Hang Seng Index ended trading on the first day of the week up 158.65 points, or 0.67 percent, at 23,689.13. File photo: RTHK Hong Kong shares ended higher on Monday, lifted by the strongest southbound inflows via the Stock Connect in three weeks, even as investors remained cautious over the outlook for tighter cash conditions in the market. The benchmark Hang Seng Index ended trading on the first day of the week up 158.65 points, or 0.67 percent, at 23,689.13. The Hang Seng China Enterprises Index rose 0.82 percent to end at 8,597.36 while the Hang Seng Tech Index rose 1.05 percent to end at 5,187.01. Onshore investors bought a net 7.9 billion yuan of Hong Kong shares via the Stock Connect on Monday, the highest since May 30. Mainland investors helped drive a rally in Hong Kong shares this year, but their participation has tapered off in the past two months. Hua Hong Semiconductor and SMIC jumped around 4.5 percent each, after media reported that the US government is weighing additional restrictions on China, including revoking waivers that allow global chip makers to access American technology in China. Meanwhile, the Hong Kong dollar slipped to 7.85 per US dollar on Monday, hitting the weaker end of its trading band for the second time since May 2023. The move may prompt the Hong Kong Monetary Authority to drain liquidity from the banking system to support the currency. Hong Kong market liquidity is unlikely to ease further and may even tighten as Hong Kong interbank offered rates (Hibor) have likely bottomed out and southbound inflows have slowed, said Kevin Liu, strategist at China International Capital Corporation. The overnight Hibor, a key barometer of liquidity, hovered near a record low at 0.01777 percent. "Short-term liquidity tightening, uncertainties surrounding tariff negotiations, weakening economic data and delays in policy support could all contribute to increased market volatility," Liu said. Mainland Chinese stocks closed higher on Monday, with the benchmark Shanghai Composite Index up 0.65 percent to 3,381.58. The Shenzhen Component Index closed 0.43 percent higher at 10,048.39. China's Coal Index rose 1.6 percent. Maritime shipping and port shares broadly rose, with Nangjing Port up to 10 percent. (Reuters/Xinhua)
Arab Times
6 days ago
- Business
- Arab Times
China's booming tech sector redraws investment map
BEIJING, June 22, (Xinhua): China's surging technology innovation is rewriting the playbook for foreign investors, with the country's booming tech sector having reshaped expectations regarding its long-term growth potential. The latest example came as Goldman Sachs unveiled a list of what it has identified as China's Prominent 10, a move reminiscent of the Magnificent Seven, a group of high-performing and influential stocks in the U.S. tech sector. The top 10 Chinese stocks, most of which are affiliated with tech giants, are expected to significantly expand their share of China's equity market over the coming two years. Among these 10 are internet behemoth Tencent, e-commerce giant Alibaba, smartphone maker Xiaomi, electric car manufacturer BYD, digital shopping platform Meituan and pharmaceutical company Hengrui. They 'embody the theme of AITech development, self-sufficiency, going global, services and new forms of consumption, and China's improving shareholder returns,' according the investment bank's research findings. Behind the stock picks spreadsheets of Wall Street economists lies a deeper recalibration, with those observers who once declared 'peak China' now overhauling their models, and transitioning to a view which sees tech innovation as driving a new wave of substantial expansion in China. Last month, MSCI added five Ashare stocks, including VeriSilicon, Baili-Pharm and APT Medical, to its China Index. These new constituents are mostly in tech and biotech sectors, refl ecting global index compilers' recognition of China's economic transformation. Top global investors, including Goldman Sachs and JP Morgan, have turned bullish on China's market -- driven by global investor interest in Chinese equities due to the country's AI push, led by DeepSeek. This month, notably, major investment banks have raised their growth forecasts for the Chinese economy. As of May 29, the Hang Seng Tech Index had surged over 40 percent year on year, outperforming major global tech indices. Of the top ten most actively traded Hong Kong stocks, seven are Hang Seng Tech constituents, with the three most active being Tencent, Alibaba and Xiaomi. China's AI breakthroughs highlight its supply chain and innovation strengths, supported by a robust ecosystem of infrastructure, data, talent and energy, said Xing Ziqiang, Morgan Stanley's chief economist for China. 'China's tech innovations are shifting from isolated breakthroughs to systematic integration, with many fields experiencing their 'DeepSeek moment' and some emerging tech firms achieving a global presence from the start,' said Wu Qing, head of the China Securities Regulatory Commission, at a forum in east China's Shanghai on Wednesday. Additionally, tech stars like Deep- Seek and Huawei weren't included in Goldman Sachs' stock picks only because they're not publicly traded. Beyond these giants, many Chinese startups are rising to prominence. China now has more than 400 unicorn companies, nearly one-third of the global total. The country's recent economic data also support such an outlook. Data from the National Bureau of Statistics shows that China's hightech manufacturing added value grew by 8.6 percent in May, outpacing the overall growth of large-scale industrial added value by 2.8 percentage points. Within this sector, production of 3D printing equipment, industrial robots and new energy vehicles increased by 40.0, 35.5 and 31.7 percent, respectively. China is not only the largest market but arguably also the world's innovation hub, propelling cost efficiencies and next-gen robotics development, said a Morgan Stanley research note recently. 'It is becoming apparent that national support for 'embodied AI' may be far greater in China than in any other nation, driving continued innovation and capital formation,' said Zhong Sheng, Morgan Stanley's head of industrials research. 'The continuing AI and technology breakthroughs have rewritten the narrative and brightened the growth prospects' for China's privately-owned enterprises, who also lead the charge of 'China's 'Going Global' ambition,' according to the Goldman Sachs report. This year, overseas demand for China's AI-driven tech products has surged. Data from AliExpress reveals that during its March promotion, sales of ARVR glasses, led by brands like XREAL and Rokid, had jumped 600 percent from the previous month. 'Last year, our AR glasses' overseas business accounted for nearly 70 percent of total sales, with overseas sales growing by 30 percent year on year,' said Zhang Longjie, global sales head of consumer-grade AR glasses firm XREAL. Despite global uncertainties, China's high-tech product exports performed strongly in the first five months of 2025 -- rising 6.1 percent year on year in U.S.-dollar terms, according to the General Administration of Customs data.
RTHK
20-06-2025
- Business
- RTHK
Hang Seng Index ends bad week with a rebound
Hang Seng Index ends bad week with a rebound The Hang Seng Index ended the day with gains of 292.74 points, or 1.26 percent, at 23,530.48. File photo: RTHK Hong Kong stocks rebounded on Friday but still logged their steepest weekly decline since April, as the lack of new stimulus measures this week weighed on investor sentiment amid broader global tensions surrounding the Iran-Israel conflict. The benchmark Hang Seng Index ended the day with gains of 292.74 points, or 1.26 percent, at 23,530.48. The Hang Seng China Enterprises Index rose 1.38 percent to end at 8,527.07 while the Hang Seng Tech Index rose 0.88 percent to end at 5,133.14. Across the border, the benchmark Shanghai Composite Index ended down 0.07 percent at 3,359.90 while the Shenzhen Component Index closed 0.47 percent lower at 10,005.03. The ChiNext Index, tracking China's Nasdaq-style board of growth enterprises, lost 0.84 percent to close at 2,009.89. The Hong Kong stock market had witnessed a steady recovery over recent weeks, rebounding from losses triggered by reciprocal tariffs imposed by US President Donald Trump. The benchmark Hang Seng Index has advanced 17 percent in the year to date. "The Lujiazui forum this week offered no new measures to boost the capital market, which was a potential letdown for some investors," said Jason Chan, senior investment strategist at Bank of East Asia. The two-day gathering of top financial regulators and market participants at the annual Lujiazui Forum wrapped up on Thursday, delivering few surprises for market participants. Sentiment is expected to remain weak, with the persistent risk of an escalation in Middle East tensions continuing to cast a shadow over markets, Chan said. "The market could stay range-bound in the short term." China kept its benchmark lending rates unchanged on Friday, as expected, after rolling out sweeping monetary easing measures last month to support the economy. For the week, the Hang Seng Index was down 1.5 percent, the biggest drop since the week of April 7, while the CSI300 Index was down 0.5 percent. (Reuters/Xinhua)
