Tech Leads Rally, Hang Seng Posts Second Session of Gains
The Hang Seng Index surged 436 points, or 1.7%, at the close on Friday (March 6), ending at 25,757 and posting a second consecutive session of gains. The gains were broadly distributed across sectors, with sentiment boosted by mainland Chinese market momentum.
Support came after China set its 2026 GDP growth target at 4.5%–5% at its annual parliamentary meeting, while other policy targets were said to be relatively in line with expectations. The market interpreted signals of policy stability and continued growth support as supporting risk appetite.
Technology stocks led the rally, rising more than 3% after Beijing reaffirmed its "tech-first" policy orientation. JD.com surged 8.3% after posting revenue and adjusted profit that beat estimates, followed by Trip.com (+7.4%), Geely Auto (+6.9%), Xiaomi (+4.4%), and Meituan (+3.8%).
Despite strengthening on Friday, the Hang Seng was still down 3.3% for the week, reversing from a slight gain in the previous period. Weekly pressure was driven by concerns about escalating Middle East tensions, which have triggered the risk of higher oil prices, cost pressures, tighter liquidity, and growing concerns about a slowdown.
Market participants are now awaiting the release of Chinese data next week, particularly February inflation and combined January-February trade data, to gauge the strength of domestic and external demand following the latest policy signals.
Source: Newsmaker.id
