The Hang Seng ended nearly flat at 20,217 on the first trading day of February, steadying after a sharp loss in morning deals as gains in the technology and consumer discretionary sectors nearly offset losses in the property and financial sectors. Traders digested a Wall Street Journal report that Beijing is seeking to avoid tariff hikes and technology restrictions from the Trump administration. Meanwhile, China's Commerce Ministry is preparing to file a complaint with the WTO. Although private survey data showed the weakest factory activity growth in four months for China through early 2025, traders remained hopeful, looking to March's annual legislative meeting for additional stimulus to support the market's recovery. Alibaba Group Holdings jumped 6.5% after reporting that its new AI model outperformed Meta Platforms' Llama and DeepSeek's V3 in tests. In contrast, Li Auto fell 5.7% following weak sales in January, while Galaxy Entertainment dropped nearly 6% on a slight decline in gambling revenue for the month.
Source: Trading Economics
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