The Hang Seng Index climbed 1.9%, or about 466 points, to 23,963 on Wednesday, as technology shares drove broad-based gains despite renewed geopolitical tensions in the Middle East. Market sentiment remained resilient after the US launched fresh strikes on Iran in response to attacks on commercial vessels in the Strait of Hormuz, even as the escalation pushed oil prices higher.
Risk appetite was underpinned by sustained optimism around artificial intelligence and the wider technology sector. Hong Kong’s robust IPO market further supported the upbeat mood, with Chinese autonomous driving company Momenta Global set to list slightly above its offer price after raising HK$5.89 billion in its initial public offering, highlighting strong investor demand for technology-related flotations.
Investors also looked ahead to China’s June consumer and producer inflation data, scheduled for release on Thursday. Among the top performers on the day were Tencent (+2.4%), SMIC (+2.9%), Lenovo (+4.4%), Kuaishou (+1.2%), and Xiaomi (+2.9%).
