**Hong Kong stocks close mixed as Meta AI agent Muse boosts chips, Fed comments weigh on gold**
Hong Kong's three major indices closed higher on September 22 but gave up early gains, with the Hang Seng Index up 0.18% to 25,087.75. Memory chip stocks surged after Meta's consumer AI agent Muse topped US app charts, boosting Montage Technology over 8%. Shipping stocks fell on Maersk's large ship order, gold miners declined after hawkish Fed comments, and auto stocks weakened as industry profit margins fell to 3.4%.
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Hong Kong stocks close mixed; Meta AI agent Muse boosts chip stocks, shipping and gold decline
Hong Kong's three major indices closed higher but gave up early gains, with the Hang Seng Index up 0.18% at 25,087.75. Shipping stocks fell sharply after Maersk ordered 26 new container ships, raising oversupply fears; COSCO Shipping Energy dropped 6.42%. Gold miners declined after St. Louis Fed President Musalem signaled possible rate hikes; Lingbao Gold fell 5.77%. Auto stocks weakened as industry profit margins fell to 3.4% amid price wars; Leapmotor dropped 4.09%. In contrast, memory chip stocks surged after Meta's consumer AI agent Muse topped US app charts, driving demand for high-bandwidth interconnect chips. Morgan Stanley forecasts storage and interconnect chip spending will reach about 50% of top 14 cloud providers' capex by 2027. Tencent rose 5.02% on its consumer AI agent potential. Shein gained 1.94% on a new Indiana warehouse. CrystalTech rose 2.18% after its AI platform outperformed Claude in drug discovery tasks.
Hong Kong stocks rise; tech stocks active, storage concept stocks strengthen
Hong Kong stocks closed higher on September 22, with the Hang Seng Index up 0.18% to 25,087.75 and the Hang Seng Tech Index up 0.34%. Tech stocks were mostly higher, with Tencent rising over 5% and Lenovo up over 2%, while Xiaomi and Meituan fell over 1%. Storage concept stocks led gains, with Montage Technology surging over 8%. This was driven by the rapid popularity of Meta's new AI agent Muse, which topped the US iPhone free app download chart for three consecutive days, according to Sensor Tower. Meta's shares surged over 11% in the US, boosting AI-related stocks. Gold stocks weakened, with Zijin Gold International falling over 5%, following hawkish comments from Minneapolis Fed President Neel Kashkari, who stated inflation remains too high. Goldman Sachs now expects a 25-basis-point rate hike in October. Nazhen Technology rose over 4% on its debut, raising approximately HK$5.67 billion in its Hong Kong IPO.
Read sourceHong Kong Stocks Rise; Tech Shares Gain on Meta AI Agent, Fed Hawkish Comment
Hong Kong's Hang Seng Index rose 0.36% to 25,131.75 at midday on September 22, while the Hang Seng Tech Index gained 0.99%. Tech and internet stocks broadly advanced, with Tencent surging over 6%, and Alibaba, Lenovo, and Kuaishou each rising over 2%. Memory concept stocks led gains, with Montage Technology climbing over 9%, driven by the rapid popularity of Meta's new AI agent Muse, which became the top free app on Apple's U.S. iPhone App Store and Google Play for three consecutive days. Meta's stock surged over 11% in the U.S., lifting AI-related shares including Intel, AMD, and Arm. However, gold stocks fell, with Lingbao Gold dropping over 5%, after St. Louis Fed President Alberto Musalem signaled that the Fed may need to raise interest rates further to combat inflation due to strong demand and commodity price shocks. Nazhen Technology rose over 11% on its debut, having raised approximately HK$5.67 billion in its global offering, with cornerstone investors including Chunhua Investment, E Fund, and GigaDevice subscribing for 47% of the deal.
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Hong Kong Stocks Open Higher; Tech Index Up 1%, Chip Stocks Rally
Hong Kong stock markets opened higher on Tuesday, tracking positive cues from Wall Street where major indices rose as US bond yields retreated from recent highs. The Hang Seng Index gained 0.51% to 25,170.80 points, while the Hang Seng Tech Index surged 1.01%. The Hang Seng China Enterprises Index added 0.4%. Sector-wise, internet and tech stocks broadly advanced, with Tencent rising over 2% and Baidu, Alibaba, JD.com, Xiaomi, and Kuaishou each gaining more than 1%. Chip stocks opened strongly, led by Montage Technology which jumped over 11%. AI application stocks were active, with MINIMAX climbing over 5%. The optical communication sector also saw broad gains, with Zhongji Innolight up over 2%. In IPO news, Nazhen Technology (Nazhen Keji) debuted on the stock exchange, opening more than 11% higher. The positive sentiment followed a recovery in US markets as the 10-year Treasury yield eased to around 4.95%, though the US dollar strengthened and commodity prices, including gold and oil, declined.
Read sourceHong Kong Stocks Close Higher; Shipping, Gold Miners Fall on Fed and Supply Concerns
Hong Kong's three major stock indices closed higher on September 22, with the Hang Seng Index up 0.18% to 25,087.75 points, the Tech Index up 0.34%, and the State-owned Enterprises Index up 0.28%. Gains narrowed after an early high. Shipping stocks fell, led by COSCO Shipping Energy (6.42% down), after Maersk confirmed a large container ship order, raising fears of oversupply. Haitong Securities noted that while geopolitical conflicts boost short-term freight rates, concerns about a cyclical peak and trade slowdown are growing. Gold miners declined, with Lingbao Gold down 5.77%, after St. Louis Fed President Musalem signaled hawkishness, increasing gold's sensitivity to interest rates and the dollar. Auto stocks fell, with Leapmotor down 4.09%, as industry profit margins fell to 3.4% amid price wars and high R&D costs. Memory chip stocks rose, with Montage Technology up 8.10%, on Morgan Stanley's positive view of cloud capital expenditure. Tech stocks gained, with Tencent up 5.02%, on prospects for consumer AI agents. Shein rose 1.94% on a new Indiana warehouse. XtalPi Holdings rose 2.18% after its AI platform outperformed Claude in drug discovery tasks.
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