Hong Kong Shares Surge: Tech Stocks Propel Market to Four-Year High

Hong Kong shares achieved a four-year high, driven by strong performance in technology stocks. Confidence in China's AI prowess and potential U.S.-China relations bolster appetite for risk assets. Major players like Baidu and Alibaba saw significant gains, buoyed by developments in AI and domestic chipmaking advancements.

Hong Kong's stock market reached a remarkable four-year peak, largely fueled by technology sector investments.

Increased confidence in China's artificial intelligence capabilities, alongside potential developments in U.S.-China relations regarding TikTok, spurred investor interest. Mainland Chinese stocks too displayed resilience, with the blue-chip CSI300 and the Shanghai Composite Index both experiencing gains.

Baidu and Alibaba emerged as key players in the market rally, seeing substantial upticks in their stock prices amid AI and chipmaking advancements. Analysts pointed to notable innovations in China's AI infrastructure and domestic chip production as significant contributors to the rally.

(With inputs from agencies.)