Hong Kong stocks snap 5-day slide on tech rebound as US equities hit correction – World Pakistan

The Hang Seng Index increased 2.2 per cent to 23,978.97 as of 11.20am local time, following a 3.7 per cent cumulative loss over the preceding five trading days stoked by trade war concerns. The Hang Seng Tech Index climbed 2.2 per cent while the Shanghai Composite Index gained 1.7 per cent.

Alibaba Group Holding rose 2.9 per cent to HK$135.30, while Wuxi Biologics surged 12 per cent to HK$26.10 and Baidu rallied 3.6 per cent to HK$92.65. Mengniu Dairy jumped 8.4 per cent to HK$19.68, and Zijin Mining Group surged 5.5 per cent to HK$17.18 and EV maker BYD strengthened 3.6 per cent to HK$373.80.

Hong Kong’s stock market has risen 17 per cent this year, while the tech barometer rallied 28 per cent in a rally fueled by Chinese start-up DeepSeek’s AI breakthroughs. Global banks including Citigroup and Goldman Sachs became more bullish on Chinese stocks on valuation appeal as US equities hit correction mode.

“Investors are bullish on the outlook, boosted by China’s AI narrative,” said Jason Chan, senior investment strategist at Bank of East Asia. China’s plan for a 1-trillion-yuan (US$138 billion) fund at the ‘two sessions’ meetings in Beijing also lifted sentiment, he added.

Stocks in the US fell overnight after President Donald Trump said he would impose fresh 200 per cent tariffs on wine, champagne and other alcoholic beverages from Europe. The S&P 500 Index entered a technical correction, after Thursday’s setback compounded losses to more than 10 per cent from its February peak. The Nasdaq Composite Index fell 2 per cent.