The Hang Seng Index closed almost unchanged at 23,782 on Tuesday, recovering from early losses as most sectors rose. Sentiment improved after Citigroup Inc. raised its outlook on China's stock market to overweight, citing AI breakthroughs. The technology index rose more than 1%, led by Kuaishou Tech (5.2%) and Semicon Manufacturing (3.1%).
Properties and financials also gained on hopes that China's parliamentary meeting, which ends today, will boost market confidence despite lingering deflationary pressures, trade tensions with the U.S. and uncertainty in the property market. Meanwhile, U.S. futures rose slightly after Wall Street's slump on Monday, which was driven by recession fears stemming from shifting trade policies and continued government spending cuts. Xpeng jumped 9.8% after announcing plans to start mass production of flying cars and industrial robots by 2026, while Zhejiang Leapmotor jumped 13.3%. On the downside, UBTech Robotics fell 6.0%, followed by KE Holdings (-3.5%), and Meituan (-1.5%).
Source: Trading Economics
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