The Hang Seng Index rose 0.5%, or 124 points, to reach 24,187 by the close of trading on Friday (October 16), recovering some of the losses sustained in the previous session. The gain followed a rebound across Asian stock markets as the sell-off in technology and semiconductor shares eased. Investors began buying back stocks that had previously faced pressure, bolstered by a decline in bond yields and improving sentiment on Wall Street.
A recovery in chip-related stocks across Asia helped boost appetite for riskier assets. However, concerns regarding the sustainability of artificial intelligence (AI) spending continue to act as a headwind for some technology stocks. Investors also remain focused on global market developments following a period of heightened volatility in recent sessions.
Strong performance among blue-chip stocks provided support for the index. Lenovo climbed 6.2%, Kingboard Laminates rose 2.5%, Z.AI Co. gained 1.2%, AIA increased 1%, and Genscript Biotech surged 5.1%.
The market is also awaiting statements from Federal Reserve official Kevin Warsh for clues regarding the future direction of U.S. interest rate policy. The decline in Treasury yields has helped alleviate pressure on equities, though uncertainty surrounding the Federal Reserve’s monetary policy remains a point of concern for investors.