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Source: Newsmaker.id
The Hang Seng Index climbed 0.4% to reach 24,557 in Tuesday’s trading session (November 10), bolstered by gains in technology and semiconductor stocks amid an improvement in global sentiment. This rise followed a rebound on Wall Street, where chip-related stocks recovered from a sharp sell-off the previous week.
A decline in oil prices also provided an additional boost to market sentiment. Lower energy costs helped alleviate concerns regarding energy expenses and inflation, thereby increasing investor appetite for riskier assets.
In Hong Kong, investor attention has turned toward the semiconductor sector following the stock market debuts of two Chinese chip companies: Suzhou Denglin Technology and Jiangsu Xinde Semiconductor Technology. Together, the two firms raised approximately US$301 million through their respective initial public offerings (IPOs).
In their debut trading sessions, shares of Jiangsu Xinde surged 20.5%, while Suzhou Denglin opened 0.9% below its offering price. Overall, total funds raised through IPOs in Hong Kong have reached US$51.9 billion so far this year, nearing the record high of US$57.8 billion set in 2010.
Several stocks saw significant gains, including Z.AI Co. (+11.1%), Xiaomi (+1.5%), MiniMax (+10.1%), and Manycore Tech (+23.7%). These gains suggest that investor interest in the technology sector is returning, following earlier pressure on AI and semiconductor stocks.
Newsmaker Analysis: The Hang Seng’s rebound indicates that sentiment toward the technology and semiconductor sectors is improving, supported by a recovery on Wall Street and falling energy prices. However, the sustainability of this upward trend will depend on the performance of global technology stocks and the ability of Chinese chip companies to maintain momentum following their IPOs. (arl)
Source: Newsmaker.id