The Hang Seng Index rose 0.5%, or 124 points, to 23,742 on Tuesday, extending its winning streak to a fourth consecutive session. Sentiment was buoyed by a strong rally in major US technology stocks, which reinforced optimism that the AI-driven bull market still has further upside after Wall Street’s tech sector logged solid overnight gains.
Upside momentum was tempered, however, by concern over impending IPO lock-up expirations in Hong Kong. Lotus Asset Management CIO Hao Hong cautioned that the release of previously locked-up shares could unleash significant selling pressure in recently listed companies.
On the macro front, investors were also awaiting China’s June CPI and PPI figures, due later this week, for fresh signals on the strength of the country’s economic recovery.
Technology counters led the advance, with Tencent Holdings (+3.4%), Xiaomi Corporation (+3.4%), Meituan (+3.8%), Lenovo (+2.9%), and Knowledge Atlas (+1.9%) among the standout gainers.
