The Hang Seng closed 0.14% higher at 20,225 on Tuesday (1/28) in a half-day session ahead of the Lunar New Year celebrations. The index marked its third straight session of gains, largely supported by technology advances and consumer spending. Traders were closely following developments on Chinese startup DeepSeek's affordable AI model, as its emergence raised concerns about U.S. dominance in the tech sector. China Vanke Co. jumped 2.1% after overhauling its management, following assurances from Chinese authorities to support the troubled builder. Xiaomi Corp. ended at a record high, jumping more than 3% on strong performance. In contrast, China South City Holdings fell about 9% after being hit with a liquidation petition in Hong Kong over alleged default on about $306.2 million in bonds due in April 2024. For the week, the index rose 0.8%, marking its third straight gain. The market will be closed for the rest of the week and will reopen on Monday, February 3. (AL)
Source: Trading Economics
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