The Hang Seng Index rose 212 points, or 0.8%, to close at 25,317 on Friday (August 22nd), rebounding from the previous session's decline as mainland Chinese markets reached a decade-high on resurgent tech optimism.
The Hang Seng Technology Index surged 2.7% after DeepSeek launched its upgraded AI V3 model on Thursday, boosted by domestic semiconductors as Beijing develops chip self-sufficiency. Consumer stocks also rose sharply on hopes of fresh stimulus from Beijing after signs of a slowdown in Chinese activity in July.
Locally, Hong Kong's annual inflation fell to a four-year low of 1.0% in July, marking the third consecutive month of slowdown. Officials noted that cost pressures in the city remained stable and predicted inflation would remain subdued in the near term.
Stocks that gained included SMIC (9.7%), BYD Electronic (5.9%), Horizon Robotics (4.9%), Kuaishou Tech (4.3%), and Xiaomi Corp. (2.1%). For the week, the index added 0.3%, extending its gains to a third consecutive week. (alg)
Source: Trading Economics
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