Hong Kong stocks posted modest gains on Monday, as strong delivery figures of electric vehicles (EV)s from Chinese automakers offset concerns over potential U.S. regulatory scrutiny of the AI sector ahead of Tuesday's midterm elections, according to a market analyst.
Hong Kong's Hang Seng Index rose 0.42 percent to close at 23,393.32 points on Monday. The Hang Seng China Enterprises Index rose 0.56 percent to end at 7,906.11 points, and the Hang Seng Tech Index rose 2.25 percent to end at 3,839.41 points.
Timothy Pope, a market analyst at China Global Television Network (CGTN), noted that investors are watching the U.S. midterm election closely. If Democrats gain control of the Congress, investors expect greater scrutiny of the U.S. AI industry, particularly the enormous spending on data centers, which could add to the questions already hanging over AI-linked stocks, although tougher federal regulations would still face political obstacles, he said.
"Today, we saw the Hang Seng add 0.4 percent. The Hang Seng Tech index really outperformed, it gained 2.3 percent by the close. We saw some very strong interest in Chinese EV makers that came after some pretty impressive delivery numbers. Xiaomi said it delivered more than 50,000 vehicles in October, so that will make it its best month of the year. Xpeng also delivered more than 50,000 vehicles for the first time, up 22 percent from September. So, we saw Xiaomi shares gain around six percent, and Xpeng were up more than four percent, although both do remain sharply lower for the year-to-date," said Pope.
Hong Kong stocks edge higher as EV delivery strength offsets AI regulatory jitters
China's top political advisor Wang Huning met in Beijing on Monday with a Communist Party of Vietnam (CPV) delegation led by Nguyen Thanh Nghi, a member of the Political Bureau of the CPV Central Committee, secretary of the CPV Central Committee and chairman of the CPV Central Committee's Commission for Policies and Strategies.
At the meeting, Wang, a member of the Standing Committee of the Political Bureau of the Communist Party of China (CPC) Central Committee and chairman of the National Committee of the Chinese People's Political Consultative Conference (CPPCC), said China stands ready to work with Vietnam to continue implementing the important consensus reached by the top leaders of the two parties and the two countries.
Wang urged efforts from both sides to deepen exchanges and mutual learning on experience in party governance and state administration, and advance the building of a higher-level China-Vietnam community with a shared future that carries strategic significance. The National Committee of the CPPCC is ready to make positive contributions to this end, he added.
Wang also briefed the Vietnamese side on the just-concluded fifth plenary session of the 20th CPC Central Committee.
Speaking on the same occasion, Nghi extended warm congratulations on the successful convening of the fifth plenary session of the 20th CPC Central Committee.
Noting that Vietnam always views its relations with China as a strategic choice and top priority, Nghi said Vietnam is ready to work with China to jointly implement the important consensus of the top leaders of the two parties and the two countries and strengthen inter-party exchanges.
China's top political advisor meets Communist Party of Vietnam delegation
