The Hang Seng Index climbed 1.1%, or 255 points, to around 23,220 on Friday, rebounding from recent losses as strength in energy, technology services, and financial stocks supported the market. Energy shares were bolstered by Sinopec’s 57% surge in third-quarter profit, while sentiment toward the technology sector was underpinned by Tencent’s latest AI model and the international rollout of its office AI assistant, underscoring ongoing investment in artificial intelligence.
Still, worries about the profitability of heavy AI spending continued to pressure technology counters, following a broad selloff in semiconductor and AI-related stocks. Among the standout movers were PetroChina, up 2.5%; AIA, up 3.6%; and Meituan, up 4.0%.
On the flows side, mainland Chinese investors have been net sellers of Hong Kong equities this month, offloading a cumulative HK$24 billion and putting October on course for the largest monthly outflow since 2021. Market participants are now looking ahead to China’s October manufacturing PMI, due Saturday, for fresh clues on the strength of the economic recovery. Despite Friday’s bounce, the Hang Seng remained down 4.8% for October.
