Market Roundup

Supported by Alibaba's (9988) good results, Hong Kong stock market rose today. The HSI opened 513 points higher and then extended its gains to close at an intraday high of 23,477, up 900 points or 4%. The HSCEI rose 344 points, or 4.1%, to close at 8,666; the HSTECH rose 359 points, or 6.5%, to close at 5,859. The total market turnover for the day was HK$393.6bn. Alibaba's quarterly CRM revenue growth exceeded expectations, and its stock price rose 14.6%. Tencent Cloud supports DeepSeek inference model, Tencent (0700) rose 6.2%. Data center stocks were driven higher by Alibaba's performance, with GDS (9698) rising 11.0%.

Source: KGI Investment Strategy

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