HONG KONG: Hong Kong stocks edged up in light trading on Monday, as optimism in AI-related stocks outweighed selling pressure in property shares.
At the close, Hong Kong benchmark Hang Seng and the Hang Seng China Enterprises Index were both up 0.3 percent.
The Hang Seng Tech meanwhile gained 0.6 percent
AI supply chain and chipmaking shares led the gains. Index heavyweights Lenovo Group and Hua Hong Grace Semiconductor advanced more than 4 percent each.
PCB maker Kingboard Laminates surged 12 percent.
Shares in rate-sensitive sectors, meanwhile, continued to decline.
Real estate firms dropped 0.7 percent to lead the declines. A financial subindex tracking big banks and insurance firms closed slightly down.
China’s onshore financial markets are closed from October 1 until October 7 for the National Day holidays. Trading will resume on October 8.
The travel and retail sales data during the week-long holiday could provide an early signal on consumer demand heading into the fourth quarter.
Citi analysts said the Golden Week activity looked “underwhelming” based on early data.
Retail and tourism spending likely softened per traveller despite steady footfall, they said in a note.
Shares of Budweiser Brewing Company APAC slipped to HKD5.555 in early trade, the lowest since their debut in September 2019.
The brewer said it expects to record a USD52 million non-underlying withholding tax charge resulting from an internal restructuring involving some of its Chinese mainland subsidiaries to enhance capital efficiency.
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