Hang Seng Soars 1.6% at Finish
The Hang Seng surged 431 points, or 1.6%, to end at 27,287 on Thursday, marking its highest level in over four years and rising for a third session as most sectors rose.
Tech led the rally, with SMIC jumping 13% after Samsung and Hynix announced partnerships to supply OpenAI data centers. Other major gainers included Kuaishou Tech (8.3%), Tencent (2.6%), and Meituan (1.5%). Consumer stocks also logged strong gains after weak U.S. jobs data boosted bets on Fed rate cuts. EV makers rallied, with Nio up 6.6% to a one-year high after posting record monthly and quarterly sales.
Pharma names rose due to policy certainty after Pfizer and U.S. President Trump reached a deal to cut drug prices in exchange for tariff relief, lifting Hansoh Pharma (5.2%), Innovent Biologics (4.5%), and Wuxi Biologics (2.8%). Alibaba climbed 3.9% after JP Morgan sharply lifted its target price. Gains were capped by caution ahead of August retail sales data in Hong Kong. Mainland markets remain shut for a break.
Source: Tradingeconomics.com