Market Updates
AI Euphoria Extends Hang Seng Index Rally to Fifth Consecutive Week
Li Chen
14 Feb, 2025
Hong Kong
Stock market indexes in China and Hong Kong extended weekly gains amid artificial intelligence euphoria.
The Hang Seng index soared more than 2% and extended the weekly rise to above 5%, and the benchmark index rallied for the fifth week in a row.
The Mainland China-focused CSI 300 index advanced 0.7% and extended the weekly gain to 1% amid a cautiously positive outlook for fiscal stimulus.
The Hang Seng Tech Index, which tracks leading semiconductor and Internet-based service providers, jumped to a new high since October, amid optimism that the affordable artificial intelligence technology-based tools and products may kick off another cycle of earnings growth.
Investors continued to bid up stocks of Baidu Inc, Alibaba Group, Tencent Holdings, JD.com, and SMIC.
Investors overlooked the growing possibilities of Hong Kong interest rates staying higher for longer, after two hotter-than-expected inflation reports confirmed that the U.S. Federal Reserve is likely to hold rates in the near future.
China Indexes and Stocks
The Hang Seng index jumped 2.5% to 22,362.88 and the mainland-focused CSI 300 index added 0.7% to 3,930.73.
Alibaba Group Holding gained 3.2% to HK $120.50, Baidu Inc advanced 1% to HK $94.90, Tencent Holdings gained 5.5% to HK $466.40, and JD.com gained 4.4% to HK $158.10.
Semiconductor Manufacturing International decreased 4.4% to HK $44.15, and the Chinese government controlled foundry traded at a new record high amid optimism about the demand surge in artificial intelligence-linked chips.
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