Hong Kong Stocks Surge Amid AI Optimism and Trade Deals
Hong Kong stocks rose significantly on their first October trading day, driven by tech stock gains due to AI optimism and a JPMorgan price target increase for Alibaba. Healthcare stocks also performed well due to a Pfizer tariff deal, despite mainland China's market closure for the Golden Week holiday.
Hong Kong stocks experienced a notable rally on their first trading day in October, led by tech shares following positive sentiment around artificial intelligence and an increased price target for Alibaba by JPMorgan.
The benchmark Hang Seng Index climbed 1.5% by midday, while Hang Seng Tech jumped 2.7%, with Alibaba surging 4% following the price target adjustment from HK$165 to HK$240.
In the healthcare sector, companies saw gains after a deal between Pfizer and U.S. President Donald Trump on Medicaid drug pricing. The market reopened on Thursday after a closure, while China is shut for the Golden Week holiday.
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