Hong Kong Tech Stocks Surge, Hang Seng Tech Index Jumps 3.4%
Hong Kong's tech stocks surged today, with the Hang Seng Tech Index jumping 3.4 per cent. Key players like Tencent and Alibaba saw significant gains, while Mainland stock exchanges will be closed for holidays from October 6 to 8.
Tencent, one of Asia's largest tech companies, rallied 2 per cent to HK$676.50. Meituan, a leading online services platform, advanced 1.2 per cent to HK$105.80. Kuaishou Technology, a short-video sharing platform, surged 8.6 per cent to HK$91.85. Meanwhile, Trip.com, a major online travel agency, declined 1.8 per cent to HK$585.50.
Alibaba, the e-commerce giant, advanced 3.5 per cent to HK$183.10. This boost came after JPMorgan raised its price target for Alibaba's US-listed shares to $245. JPMorgan cited Alibaba's strong growth in its cloud business and strategic investments in artificial intelligence (AI), including partnerships and development of advanced AI models, which significantly strengthen its market position. Xiaomi, a tech company known for its smartphones and IoT devices, added 3.3 per cent to HK$55.80 after delivering over 40,000 vehicles in September. Baidu, a leading Chinese language Internet search provider, rose 4.5 per cent to HK$139.20.
The Hang Seng Index closed at 27,287.12, up 1.6 per cent. Despite the upcoming holiday closure of Mainland stock exchanges, tech stocks in Hong Kong showed resilience and growth, with several key players posting significant gains.
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