Hong Kong’s Hang Seng Index closed slightly higher Monday, lifted by gains in an AI stock, said Timothy Pope, a market analyst for China Global Television Network (CGTN).
The benchmark Hang Seng Index added 0.50 percent to finish at 24,842.67 points.
The Hang Seng China Enterprises Index inched up 0.02 percent to 8,375.74 points, while the Hang Seng Tech Index rose 1.28 percent to 4,765.58 points.
"Some of the regional markets enjoyed a strong relief rally today, but Hong Kong wasn't really one of them. The Hang Seng added 0.5 percent. Set alongside the mainland gains, what we saw in Japan, and a 5.3 percent jump for Korea's KOSPI 200, the Hang Seng was really limping along at the back of the pack today, and despite all the good news it still looks very range-bound and unable to make much traction above 25 thousand points," Pope said.
Pope noted an AI debut surged more than 30 percent, but the rally failed to lift the Hang Seng beyond a modest 0.5 percent gain.
"There was one very clear winner in Hong Kong today, and that was Knowledge Atlas Technology, also known as Zhipu AI. You'll remember it's only about a week since this stock started trading on the Hang Seng and today it was up more than 32 percent. That's because the large language model AI and AI agent developer has launched a new model which it says will be released open-source. But really, that wasn't enough to spark significant gains for the Hang Seng today," he said.
Hong Kong stocks edge up 0.5 pct, AI surge fails to spark wider rally: analyst
