Hong Kong stocks closed higher Friday as bargain hunting emerged after Thursday's sharp selloff, although concerns over AI investment costs and rising oil prices continued to weigh on sentiment.
The Hang Seng Index rose 158.69 points, or 0.7%, to close at 23,093.37, while the Hang Seng China Enterprises Index gained 67.06 points, or 0.9%, to finish at 7,756.25.
Regional markets recovered some losses as the technology selloff eased, while investors reassessed the funding needs of AI infrastructure projects.
Brent crude rose 0.9% to $114.10 a barrel, reaching a five-month high as Houthi attacks in Saudi Arabia heightened concerns over Middle East supply disruptions.
U.S. Treasury yields held onto their sharp overnight declines as investors sought safer assets.
Markets pared back expectations for further Federal Reserve tightening, with the implied probability of a December rate hike falling to 85%.
In corporate news, Xtep International (HKG:1368) closed 3% higher despite expecting a mid-single-digit decline in third-quarter retail sell-through growth for its core Xtep brand across offline and online channels.
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