China, HK stocks track global tech rebound; brokers rally
FXI•Brokers and Alibaba outperform
Chinese brokers listed both onshore (.CSI930709) and in Hong Kong (.CSI399975) outperformed; these securities firms posted strong first-half results and announced dividend payouts amid robust trading activity.
CICC's Hong Kong shares (3908.HK) jumped more than 8%.
Hong Kong-listed tech giants (.HSTECH) bounced 0.8% from a 1-1/2-month low. E-commerce giant Alibaba (9988.HK) rose 2% after a regulatory filing showed its chairman had purchased company shares, while media reports said founder Jack Ma had also bought stock.
Energy slips while property and Beike rise
Bucking the broader market strength, the CSI Energy Index (.CSIEN) fell 0.7% as Brent crude futures fell on the prospect of more supply coming through the Strait of Hormuz.
Hong Kong-listed real estate firms (.HSMPI) went up more than 2%, as property listings website Beike (2423.HK) jumped 5% on better-than-expected second-quarter earnings.
AI supply-chain shares and chip stocks gain
Overnight gains on Wall Street provided some tailwinds for Chinese AI supply chain plays. The tech-heavy STAR50 Index (.STAR50) rose 1.7% and the CSI Semiconductor Index (<.CSI931865>) gained 1.8%, after global AI bellwether Nvidia (NVDA.O) snapped a seven-day losing streak to finish over 2% higher.
HSBC analysts said China's AI segment valuations remain expensive, and further upside is likely only from other AI applications and monetisation scenarios.
China and Hong Kong stocks advance on tech rebound
China and Hong Kong stocks advanced on Wednesday, tracking a broader rebound in global markets as sentiment improved across technology and artificial intelligence supply-chain shares.
