Hong Kong stocks rise after Beijing unveils support plan; US-China trade talks loom
Hong Kong stocks climb as Beijing releases economic measures; Fed holds rates steady
On Thursday, the Hang Seng Index rose by about 0.4 per cent to close at 22,775.92, while the Hang Seng Tech Index was up 0.6 per cent. On the mainland, the CSI 300 Index was 0.6 per cent higher and the Shanghai Composite Index rose 0.3 per cent.
Carmaker Geely Automobile rose 4.4 per cent to HK$17.52, Li Auto increased by nearly 5 per cent to HK$105.90 and food delivery platform Meituan rose 1.7 per cent to HK$141.40. Chipmaker Semiconductor Manufacturing International Corporation (SMIC) fell 2.3 per cent to HK$45.15 and tech giant Baidu declined by 2.8 per cent to HK$85.
On Wednesday, the Trump administration said it would rescind and replace Biden-era curbs on global artificial intelligence (AI) chip exports, which were designed to prevent China from acquiring AI chip technologies via intermediaries.
Chinese semiconductor stocks fell on the news, according to Louis Wong, executive director of Phillip Capital Management.