22.08.202508:17:32UTC+00Hang Seng Marks 3rd Consecutive Weekly Rise

The Hang Seng index advanced by 212 points, or 0.8%, to close at 25,317 on Friday, recovering from losses in the previous session. This upswing was bolstered by Chinese mainland markets reaching a decade high, driven by renewed optimism in the technology sector. The Hang Seng Tech Index experienced a significant jump of 2.7% following DeepSeek's announcement of their new and improved V3 AI model on Thursday. This surge was further supported by domestic semiconductor companies, as Beijing continues to push for chip self-sufficiency. Consumer stocks also saw notable gains, fueled by anticipation of new stimulus measures from Beijing amidst indicators of slowing Chinese economic activity in July. In Hong Kong, annual inflation slowed to a four-year low of 1.0% in July, marking the third consecutive month of deceleration. Officials highlighted that cost pressures in the city remained stable, with inflation expected to remain subdued in the near term. Among the prominent gainers were SMIC, which rose by 9.7%, BYD Electronic with a 5.9% increase, Horizon Robotics up by 4.9%, Kuaishou Tech climbing 4.3%, and Xiaomi Corp. gaining 2.1%. Over the course of the week, the index saw a 0.3% increment, marking its third consecutive week of gains.