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Hangseng
Source: Newsmaker.id
The Hang Seng Index closed 0.2% (or 47 points) higher at 24,713 in Wednesday's trading (Sept 16), buoyed by gains in technology stocks. However, the upside remained limited as investors held back from taking large positions ahead of the Federal Reserve's interest rate decision.
Market sentiment remains overshadowed by high US Treasury yields and a strengthening dollar. The 10-year US bond yield had previously breached the 5% mark, adding pressure to risk assets across Asia.
The technology sector served as the primary driver, with the Hang Seng Tech Index rising approximately 0.9%. Zhipu AI surged over 8%, snapping an 11-session losing streak, while MiniMax, SMIC, and Hua Hong Semiconductor gained between 5% and 7%. Conversely, Xiaomi fell 1.5%, Kuaishou weakened 1.7%, and Akeso dropped 3.9%.
The market is also monitoring potential funding of around US$2.6 billion for data center development in Hong Kong. This plan reinforces optimism regarding investment growth in the artificial intelligence and digital infrastructure sectors.
Newsmaker Analysis: The Hang Seng's rise indicates that technology stocks retain their appeal, particularly those linked to AI and semiconductors. However, as long as US yields remain high and the market lacks clarity from the Fed, the index's potential for gains may be limited, and volatility is likely to remain high. (arl)
Source: Newsmaker.id