Hang Seng Marks 3rd Consecutive Weekly Rise

The Hang Seng climbed 212 points or 0.8% to close at 25,317 on Friday, rebounding from the prior session’s losses as mainland Chinese markets hit a decade high on renewed tech optimism.

The Hang Seng Tech Index surged 2.7% after DeepSeek unveiled an upgraded V3 AI model on Thursday, with support from domestic semiconductors as Beijing develops chip self-sufficiency.

Consumer shares also rose sharply on hopes of fresh stimulus from Beijing after signs of slowing Chinese activity in July.

Locally, Hong Kong’s annual inflation eased to a 4-year low of 1.0% in July, the third straight month of slowdown.

Officials noted cost pressures in the city remained stable and expected inflation to stay subdued in the near term.

Notable gainers included SMIC (9.7%), BYD Electronic (5.9%), Horizon Robotics (4.9%), Kuaishou Tech (4.3%), and Xiaomi Corp. (2.1%).

For the week, the index added 0.3%, extending gains for the third successive week.