Market Updates
DeepSeek Driven Rally Lifts Hong Kong Tech Index to Five-Month High
Li Chen
13 Feb, 2025
Hong Kong
Stock market indexes in Hong Kong extended gains amid continued demand for tech stocks.
The Hang Seng index advanced nearly 2%, but the mainland-focused CSI 300 index declined a fraction.
The Hang Seng Tech Index advanced as much as 2.3% and surpassed the previous high reached in September when the central government and the PBOC announced a raft of stimulus measures.
The current market euphoria is driven by the success of the open-access chatbot DeepSeek, which could make artificial intelligence tools more affordable.
Leading tech Chinese companies are expected to include their artificial intelligence-driven tools in their services, which could spark another cycle of earnings growth.
However, the tech enthusiasm in Hong Kong was not shared in trading in mainland China, as investors worried about tariff headwinds and lack of progress in implementing the previously announced stimulus measures.
China Indexes and Stocks
The Hang Seng index jumped 1.7% to 22,233.01, and the CSI 300 index decreased 0.3% to 3,908.72.
Alibaba Group jumped 1.4% to HK $115.40, Tencent Holdings advanced 1.6% to HK $458.80, JD.com Inc jumped 1.2% to HK $156.40, and SMIC advanced 0.3% to HK $48.10.
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