I. Market Overview
Hong Kong equities rallied broadly on Jan 28, led by technology and commodity-linked names. The Hang Seng Index (HSI) rose 2.58% to 27,826.91, while the Hang Seng China Enterprises Index (HSCEI) gained 2.89% to 9,512.24. The Hang Seng Tech Index (HSTECH) added 2.53% to 5,900.16, and the Hang Seng Composite Industry Index (HSCCI) closed up 2.45% at 4,394.14. Turnover was brisk, with total market value traded at HK$361.52 billion—consistent with an active, risk-on session driven by AI, autos, and nonferrous metals strength.
Intraday media highlights corroborated the move: AI-linked products surged after strong chip-industry prints, autos climbed on momentum, and nonferrous metals outperformed amid commodity tailwinds. Property names saw selective strength, while travel and select consumer services lagged.
II. Sector Performance
Large-cap Tech Stocks
The Hang Seng Tech Index climbed 2.53% to 5,900.16, powered by gains in Hua Hong Semi +7.44% (HK$122.70), Li Auto +4.90% (HK$68.50), BYD Company +4.58% (HK$102.80); laggards included Tongcheng Travel -2.30% (HK$22.98).
Top Performing Sectors
• Industrial Gases +17.91%
• Copper +6.89%
• Aluminum +6.77%
Bottom Performing Sectors
• Homefurnishing Retail -5.20%
• Automotive Retail -4.73%
• Other Diversified Financial Services -4.08%
III. Top 10 Gainers in Hong Kong Market Today
IV. Top 10 Losers in Hong Kong Market Today
V. Closing Summary
A broad-based advance characterized the Jan 28 close, with the three major indices finishing firmly higher: the HSI +2.58%, HSCEI +2.89%, and HSTECH +2.53%. Strong turnover of HK$361.52 billion highlighted renewed risk appetite. Sector breadth skewed positive, with commodities and industrials out front. The move aligns with supportive global AI narratives and resilient demand for autos and semiconductors.
Large-cap tech was a focal point. Tencent +2.31% (HK$621.00) firmed, aided by reports it seeks to expand cloud infrastructure in the Middle East. Alibaba +2.12% (HK$173.50), JD-SW +2.47% (HK$116.30), Meituan +1.86% (HK$98.35), and Bilibili +3.61% (HK$281.00) participated. Chip-related momentum persisted: Hua Hong Semi +7.44% and SMIC +3.52% benefited from upbeat semiconductor demand narratives, while news that China approved imports of Nvidia’s H200 AI chips added to sentiment. An AI-linked levered product tied to SK Hynix surged intraday after the memory maker posted record quarterly profits on intense AI demand.
Beyond tech, autos were standouts: Li Auto +4.90%, BYD Company +4.58%, NIO +3.98%, and XPeng +2.96% advanced as investors leaned into EV momentum. Commodities shined: nonferrous metals rallied, consistent with industry-level gains in copper and aluminum; CHALCO +12.72% and YOFC +15.43% were among notable movers. Property saw selective strength, including China Jinmao +11.92%, while property services and some consumer names lagged. Travel-related shares were mixed, with Tongcheng Travel -2.30% and Trip.com -0.80% underperforming.
IPO and listing dynamics added catalysts. Reports suggested NetEase may convert its Hong Kong listing into a primary listing, potentially unlocking Stock Connect inclusion—supportive for liquidity and valuation. AI enthusiasm was evident, with Unisound surging intraday after guiding for a sharp rise in large-model revenue, reflecting ongoing investor appetite for domestic AI commercialization. Meanwhile, mixed performance in consumer and services segments underscored ongoing dispersion: selective headwinds hit airlines and certain diversified financial services.
Overall, the day’s tape showcased a pro-growth, AI-and-commodities-led rotation with supportive turnover. Investors balanced upbeat global chip-cycle data and regional cloud expansion against pockets of weakness in travel and consumer services. Near term, focus will likely remain on earnings catalysts from tech and autos, commodity price trends, and progress on listings and cross-border access, all of which can influence liquidity and leadership within Hong Kong markets.
Sources: Public market data, summarized media reports
Disclaimer: This content is for reference only and does not constitute investment advice.
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