Hong Kong
stocks surged, driving the benchmark to its longest streak of weekly gains in two years, as US President Donald Trump’s measured approach to reciprocal tariffs reassured investors and the mania around DeepSeek continued to buoy Chinese technology shares.
The Hang Seng Index rose 3.7 per cent to 22,620.33 at the close, wrapping up a 7 per cent advance this week and the fifth weekly gain in a row – the longest such stretch since January 2023.
The Hang Seng Tech Index jumped 5.6 per cent, eclipsing an October high that came after Beijing unveiled a broad stimulus package to bolster stocks and properties. In China, the CSI 300 Index rose 0.9 per cent, and the Shanghai Composite Index added 0.4 per cent.
Alibaba Group Holding touched a three-year high and Tencent Holdings rallied more than 7 per cent after the Post reported that founders and chief executives from China’s largest technology companiesn would show up for an
entrepreneurs’ meeting to be chaired by President Xi Jinping next week.
Between 20 and 30 founders and chief executives from China’s largest technology companies are expected to
assemble in Beijing on Monday, in a recognition of the progress in critical areas of technological advancement and show support to the private sector, according to sources who spoke on condition of anonymity.
While Trump
announced his plan for reciprocal tariffs on all imports on Thursday, implementation will take some time, with the US reassessing them on a country-by-country basis. Howard Lutnick, Trump’s nominee for commerce secretary, said that all assessments would be completed by April 1, allowing tariffs to potentially take effect the following day if the president decides to proceed.
Trump held off on a 25 per cent tariff on Mexico and Canada earlier this month, a tactic some investors interpreted as the president using the levies as a bargaining chip in negotiations with the countries that run a trade surplus against the US, instead of a punitive tool that risks fuelling a global trade war.
