Hong Kong Stocks Snap Five-Day Losing Streak on Tech Rally; CK Hutchison Plunges 6%

MT Newswires Live03-14 08:47

Hong Kong stocks rebounded from a five-day losing streak to close the week on a positive note after a renewed interest in tech stocks ignited an investor buying spree.

The Hang Seng Index surged 2.12%, or 497.33 points, to end at 23,959.98. The Hang Seng China Enterprises Index added 2.75%, or 237.38 points, to 8,877.99.

Tech giants, which have enjoyed the AI-driven optimism spurred by the global success of Deepseek, led the rally on Friday.

Meituan (HKG:3690) surged over 5% on Friday, with Alibaba Group (HKG:9988) and Tencent (HKG:0700) rising 3% each and Xiaomi (HKG:1810) following close behind with a boost of 2%.

Global lenders including Citigroup and Goldman Sachs have turned more optimistic about Chinese stocks amid a downturn in US stocks due to uncertainty arising from Donald Trump's economic policies, according to an SCMP report.

In corporate news, shares of port conglomerate CK Hutchison (HKG:0001) slid over 6% after a deal to sell a stake in Panama Port operators to a consortium led by US firm BlackRock drew backlash from China.

China's Hong Kong and Macau Affairs Office (HKMAO) reposted a commentary condemning the agreement and branding it as a betrayal of China.

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