Hong Kong Stocks Rally on Tech Strength Ahead of Fed Decision; BAIC Motor Gains 4%
Hong Kong stocks closed higher on Wednesday, led by technology shares, as the Hang Seng TECH Index climbed nearly 3% despite continued concerns over AI valuations across Asian markets.The Hang Seng Index gained 497.07 points, or 2%, to close at 25,807.92, while the Hang Seng China Enterprises Index rose 187.27 points, or 2.2%, to 8,623.52.Technology stocks remained resilient ahead of the U.S. Federal Reserve's policy decision and earnings from major technology companies, including Microsoft and Meta, which investors are watching for signs on the sustainability of AI-related spending.The U.S. Fed is widely expected to keep rates unchanged, though futures markets indicate some investors still see a possibility of a rate hike later this year.Among individual stocks, BAIC Motor (HKG:1958) rose nearly 4% despite forecasting a first-half attributable net loss of 1.55 billion yuan to 1.65 billion yuan, compared with a profit a year earlier.Pop Mart International (HKG:9992) gained more than 2% after opening a new store and its first overseas Pop Bakery dessert outlet in Singapore's Sentosa Island.
