The Hang Seng Index rose slightly by approximately 0.2% to reach the 23,120 level during Thursday’s trading session. Gains in the financial and energy sectors helped offset pressure from the technology and manufacturing sectors, amid renewed concerns regarding the outlook for investments in artificial intelligence.
Sentiment in the technology sector weakened after shares of Alphabet plummeted by about 10% in after-hours trading following disappointing sales figures. Samsung Electronics also fell by more than 3% after its earnings missed expectations, reigniting doubts about the returns on massive investments in the AI sector.
Conversely, Microsoft provided some support to tech sentiment, with its shares climbing 2.8% on the back of strong sales performance in its cloud services. Investors are also awaiting the financial results from BYD, with market consensus projecting a third-quarter net profit of 12.1 billion yuan—an increase of nearly 55% year-on-year.
Regarding monetary policy, the Federal Reserve has maintained interest rates within the 3.75%–4.00% range. However, geopolitical tensions in the Middle East and high energy prices continue to sustain inflationary risks, leaving the market cautious about the future direction of U.S. interest rate policy.
Several stocks posted strong gains, including PetroChina (+3.2%), China Shenhua (+3.1%), AIA (+1.6%), and Genscript Biotech (+5.5%). Support from the energy and financial sectors helped keep the Hang Seng in positive territory, even as pressure on the technology sector limited the scope for further gains.